Earnest Partners LLC Sells 4,180 Shares of Avnet, Inc. (NASDAQ:AVT)

Earnest Partners LLC cut its position in shares of Avnet, Inc. (NASDAQ:AVT) by 0.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,470,034 shares of the company’s stock after selling 4,180 shares during the quarter. Earnest Partners LLC owned approximately 1.70% of Avnet worth $76,912,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. GeoWealth Management LLC bought a new stake in Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC bought a new stake in Avnet in the 4th quarter worth approximately $38,000. Natixis lifted its position in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after buying an additional 688 shares during the last quarter. Bessemer Group Inc. lifted its position in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after buying an additional 827 shares during the last quarter. Finally, Principal Securities Inc. increased its stake in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after purchasing an additional 211 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

AVT opened at $51.94 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The stock has a market capitalization of $4.49 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The stock’s 50 day moving average price is $48.05 and its 200-day moving average price is $51.51.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. On average, equities research analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.54%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of analyst reports. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial decreased their price target on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th.

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.