Avnet, Inc. (NASDAQ:AVT) VP Elizabeth Mcmullen Sells 4,000 Shares

Avnet, Inc. (NASDAQ:AVT) VP Elizabeth Mcmullen sold 4,000 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the sale, the vice president now owns 14,626 shares in the company, valued at $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Avnet Price Performance

Shares of NASDAQ AVT opened at $52.37 on Wednesday. The business’s 50 day moving average price is $47.93 and its 200 day moving average price is $51.17. The firm has a market cap of $4.39 billion, a P/E ratio of 14.84, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.12. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet’s revenue for the quarter was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 earnings per share. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Wednesday, March 5th. Avnet’s payout ratio is presently 36.97%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of AVT. Barclays PLC lifted its holdings in Avnet by 87.6% in the third quarter. Barclays PLC now owns 91,842 shares of the company’s stock valued at $4,988,000 after acquiring an additional 42,880 shares during the period. Franklin Resources Inc. lifted its holdings in Avnet by 17.1% in the third quarter. Franklin Resources Inc. now owns 52,290 shares of the company’s stock valued at $2,895,000 after acquiring an additional 7,619 shares during the period. Park Avenue Securities LLC lifted its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock valued at $312,000 after acquiring an additional 1,101 shares during the period. Greenhaven Associates Inc. lifted its holdings in Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock valued at $207,336,000 after acquiring an additional 38,185 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in Avnet by 16.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company’s stock valued at $2,837,000 after acquiring an additional 7,800 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of research analyst reports. Truist Financial dropped their price target on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Finally, Wells Fargo & Company dropped their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.