ProShare Advisors LLC Sells 13,680 Shares of Avnet, Inc. $AVT

ProShare Advisors LLC lessened its position in shares of Avnet, Inc. (NASDAQ:AVT) by 14.5% during the third quarter, Holdings Channel reports. The institutional investor owned 80,811 shares of the company’s stock after selling 13,680 shares during the quarter. ProShare Advisors LLC’s holdings in Avnet were worth $8,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in AVT. Empowered Funds LLC increased its holdings in Avnet by 1.9% in the 1st quarter. Empowered Funds LLC now owns 6,833 shares of the company’s stock worth $421,000 after acquiring an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Avnet by 0.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company’s stock valued at $1,264,000 after purchasing an additional 159 shares during the last quarter. Elevation Wealth Partners LLC lifted its holdings in Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after purchasing an additional 185 shares during the last quarter. Summit Securities Group LLC boosted its position in Avnet by 32.1% during the first quarter. Summit Securities Group LLC now owns 765 shares of the company’s stock worth $47,000 after purchasing an additional 186 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Avnet by 3.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company’s stock worth $318,000 after purchasing an additional 189 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of NASDAQ:AVT opened at $85.68 on Thursday. The stock has a market cap of $7.05 billion, a PE ratio of 21.47, a PEG ratio of 0.27 and a beta of 1.11. The company’s fifty day moving average is $94.75 and its 200 day moving average is $81.29. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $108.63. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, topping the consensus estimate of $2.86 by $0.77. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The business had revenue of $10.72 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The firm’s revenue for the quarter was up 81.7% on a year-over-year basis. Research analysts anticipate that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th were issued a $0.37 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Wednesday, September 9th. Avnet’s dividend payout ratio (DPR) is presently 37.09%.

Key Stories Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet earned $3.63 per share, topping the $2.86 consensus estimate, while revenue of $10.72 billion exceeded expectations of $9.22 billion. Revenue rose 81.7% year over year, and EPS increased from $0.84 a year earlier—strong results that support the positive fundamental outlook. Article: Avnet Tops Q1 Earnings and Revenue Estimates
• Positive Sentiment: Management pointed to strong demand and record growth, and initiated fiscal Q2 guidance described as optimistic. This outlook may help sustain investor confidence in the business momentum. Article: Avnet Earnings Call Signals Record Growth and Strong Outlook
• Negative Sentiment: AVT nevertheless traded lower following the results. The reports provided do not point to a clear bearish development; the divergence may reflect investor expectations or profit-taking, but neither explanation is confirmed.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Zacks Research lowered shares of Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Weiss Ratings raised shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Truist Financial lifted their price objective on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company lifted their price target on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Avnet has an average rating of “Moderate Buy” and a consensus price target of $93.25.

Insider Activity

In related news, CEO Philip Gallagher sold 51,900 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the completion of the sale, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. This represents a 23.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.00% of the stock is currently owned by insiders.

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.