Fruth Investment Management Reduces Holdings in Avnet, Inc. (NASDAQ:AVT)

Fruth Investment Management trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,450 shares of the company’s stock after selling 625 shares during the period. Fruth Investment Management’s holdings in Avnet were worth $1,069,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. FinTrust Capital Advisors LLC grew its stake in Avnet by 39.2% in the 2nd quarter. FinTrust Capital Advisors LLC now owns 2,520 shares of the company’s stock worth $70,000 after acquiring an additional 710 shares during the period. Berman Capital Advisors LLC grew its stake in Avnet by 5,219.5% in the 3rd quarter. Berman Capital Advisors LLC now owns 4,096 shares of the company’s stock worth $105,000 after acquiring an additional 4,019 shares during the period. Sowell Financial Services LLC grew its stake in Avnet by 254.5% in the 4th quarter. Sowell Financial Services LLC now owns 3,400 shares of the company’s stock worth $119,000 after acquiring an additional 2,441 shares during the period. O Shaughnessy Asset Management LLC grew its stake in Avnet by 14.7% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 7,829 shares of the company’s stock worth $202,000 after acquiring an additional 1,006 shares during the period. Finally, Guggenheim Capital LLC boosted its holdings in shares of Avnet by 8.7% in the 3rd quarter. Guggenheim Capital LLC now owns 8,152 shares of the company’s stock valued at $211,000 after purchasing an additional 652 shares during the last quarter. 93.79% of the stock is owned by institutional investors and hedge funds.

A number of brokerages have weighed in on AVT. The Goldman Sachs Group lifted their price target on shares of Avnet from $23.00 to $25.00 and gave the company a “sell” rating in a report on Monday, December 14th. TheStreet upgraded shares of Avnet from a “d+” rating to a “c-” rating in a report on Thursday, September 17th. BidaskClub upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a report on Monday, December 28th. Finally, Wells Fargo & Company reduced their target price on shares of Avnet from $29.00 to $27.00 and set an “equal weight” rating on the stock in a report on Thursday, October 29th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $30.43.

In other news, Director Oleg Khaykin bought 9,000 shares of Avnet stock in a transaction on Thursday, December 3rd. The stock was purchased at an average cost of $32.28 per share, with a total value of $290,520.00. Following the purchase, the director now directly owns 9,000 shares of the company’s stock, valued at approximately $290,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.10% of the company’s stock.

Shares of AVT traded down $0.44 during midday trading on Wednesday, hitting $38.03. The company had a trading volume of 10,829 shares, compared to its average volume of 945,276. The company’s 50 day moving average price is $34.93 and its 200 day moving average price is $30.21. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -41.54, a PEG ratio of 1.09 and a beta of 1.50. Avnet, Inc. has a 52 week low of $17.85 and a 52 week high of $42.89. The company has a quick ratio of 1.32, a current ratio of 2.39 and a debt-to-equity ratio of 0.32.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.24. Avnet had a negative net margin of 0.52% and a positive return on equity of 3.40%. The business had revenue of $4.72 billion during the quarter, compared to the consensus estimate of $4.05 billion. Equities analysts anticipate that Avnet, Inc. will post 1.84 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 16th. Shareholders of record on Wednesday, December 2nd were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Tuesday, December 1st. Avnet’s payout ratio is 54.55%.

About Avnet

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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