Avnet, Inc. (NASDAQ:AVT) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its position in shares of Avnet, Inc. (NASDAQ:AVT) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,374 shares of the company’s stock after selling 5,835 shares during the period. Corebridge Financial Inc. owned 0.11% of Avnet worth $5,147,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of AVT. Principal Securities Inc. lifted its holdings in Avnet by 18.2% during 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 during the last quarter. Coldstream Capital Management Inc. lifted its stake in Avnet by 5.1% during the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock worth $246,000 after purchasing an additional 222 shares during the last quarter. Highland Capital Management LLC lifted its stake in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after purchasing an additional 261 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Avnet by 18.6% in the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after purchasing an additional 341 shares in the last quarter. Finally, Transcend Capital Advisors LLC increased its stake in Avnet by 2.3% in the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company’s stock valued at $871,000 after purchasing an additional 381 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of Avnet stock opened at $47.19 on Friday. The firm’s fifty day simple moving average is $50.38 and its 200-day simple moving average is $52.50. Avnet, Inc. has a 12 month low of $46.24 and a 12 month high of $59.24. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 1.13 and a beta of 1.09. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

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

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet’s payout ratio is currently 37.39%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVT. Bank of America cut shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial decreased their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research note on Thursday, January 30th.

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.