New York State Common Retirement Fund Sells 9,024 Shares of Avnet, Inc. (NASDAQ:AVT)

New York State Common Retirement Fund lessened its position in Avnet, Inc. (NASDAQ:AVT) by 1.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 698,680 shares of the company’s stock after selling 9,024 shares during the period. New York State Common Retirement Fund’s holdings in Avnet were worth $35,213,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Foster & Motley Inc. lifted its position in Avnet by 2.0% during the fourth quarter. Foster & Motley Inc. now owns 123,152 shares of the company’s stock valued at $6,207,000 after purchasing an additional 2,454 shares during the period. Hussman Strategic Advisors Inc. increased its holdings in Avnet by 33.3% during the fourth quarter. Hussman Strategic Advisors Inc. now owns 42,000 shares of the company’s stock valued at $2,117,000 after buying an additional 10,500 shares during the last quarter. Strs Ohio increased its holdings in Avnet by 10.9% during the fourth quarter. Strs Ohio now owns 48,199 shares of the company’s stock valued at $2,429,000 after buying an additional 4,755 shares during the last quarter. Lecap Asset Management Ltd. purchased a new stake in Avnet during the fourth quarter valued at approximately $477,000. Finally, Louisiana State Employees Retirement System purchased a new stake in Avnet during the fourth quarter valued at approximately $1,280,000. Institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group reduced their target price on shares of Avnet from $48.00 to $42.00 and set a “sell” rating for the company in a report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $45.50.

Avnet Price Performance

AVT stock opened at $49.58 on Friday. Avnet, Inc. has a 52 week low of $39.64 and a 52 week high of $51.65. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55. The company has a fifty day simple moving average of $47.49 and a two-hundred day simple moving average of $47.35. The firm has a market capitalization of $4.48 billion, a P/E ratio of 6.85, a price-to-earnings-growth ratio of 0.64 and a beta of 1.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, January 31st. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. The firm had revenue of $6.20 billion during the quarter, compared to analyst estimates of $6.15 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. During the same quarter last year, the business earned $2.00 EPS. Analysts anticipate that Avnet, Inc. will post 5.25 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.50%. Avnet’s dividend payout ratio (DPR) is presently 17.13%.

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.