Avnet, Inc. (NASDAQ:AVT) Shares Sold by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp reduced its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,977 shares of the company’s stock after selling 343 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.06% of Avnet worth $2,772,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AVT. Synergy Investment Management LLC acquired a new stake in Avnet in the fourth quarter worth approximately $38,000. Principal Securities Inc. raised its stake in shares of 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 buying an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in shares of Avnet by 1,768.1% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock valued at $113,000 after buying an additional 2,051 shares during the period. GAMMA Investing LLC boosted its stake in Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after buying an additional 341 shares in the last quarter. Finally, KBC Group NV grew its holdings in Avnet by 55.7% during the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock worth $176,000 after acquiring an additional 1,200 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVT. Bank of America downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial reduced their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday, January 30th.

Avnet Price Performance

AVT stock opened at $48.09 on Tuesday. Avnet, Inc. has a one year low of $46.24 and a one year high of $59.24. The firm has a 50-day moving average of $50.27 and a two-hundred day moving average of $52.50. The firm has a market capitalization of $4.16 billion, a PE ratio of 13.62, a P/E/G ratio of 1.13 and a beta of 1.09. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 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, analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.74%. Avnet’s dividend payout ratio is 37.39%.

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.