Victory Capital Management Inc. Sells 30,916 Shares of Avnet, Inc. (NASDAQ:AVT)

Victory Capital Management Inc. lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 9.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 301,089 shares of the company’s stock after selling 30,916 shares during the period. Victory Capital Management Inc. owned about 0.34% of Avnet worth $16,352,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVT. Fifth Third Bancorp raised its position in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after acquiring an additional 214 shares during the period. Capital Performance Advisors LLP purchased a new position in Avnet during the third quarter valued at $51,000. nVerses Capital LLC bought a new stake in Avnet during the second quarter valued at about $77,000. GAMMA Investing LLC increased its position in Avnet by 68.4% in the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after buying an additional 620 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake 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 worth $79,000 after buying an additional 1,350 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

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

Avnet Stock Down 1.2 %

NASDAQ AVT opened at $52.26 on Wednesday. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The stock has a market cap of $4.54 billion, a PE ratio of 13.68, a P/E/G ratio of 0.99 and a beta of 1.16. The stock’s 50 day moving average is $53.85 and its 200 day moving average is $53.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. The firm had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 earnings per share. Research analysts predict that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet 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.