Entropy Technologies LP Sells 4,599 Shares of Avnet, Inc. (NASDAQ:AVT)

Entropy Technologies LP trimmed its position in Avnet, Inc. (NASDAQ:AVT) by 24.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,527 shares of the company’s stock after selling 4,599 shares during the quarter. Entropy Technologies LP’s holdings in Avnet were worth $789,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AVT. Fifth Third Bancorp raised its stake in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Avnet during the third quarter worth approximately $51,000. nVerses Capital LLC purchased a new position in Avnet during the second quarter worth approximately $77,000. GAMMA Investing LLC boosted its position in Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Avnet by 729.7% in the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after acquiring an additional 1,350 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

AVT opened at $53.04 on Friday. The stock has a market cap of $4.61 billion, a P/E ratio of 13.88, a P/E/G ratio of 0.99 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The stock’s 50 day simple moving average is $53.69 and its 200 day simple moving average is $53.10. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.61 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 4.14 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on AVT shares. Stifel Nicolaus lifted their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Truist Financial lifted their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company boosted their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th.

Avnet Company Profile

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.