New York State Common Retirement Fund Has $35.21 Million Stake in Avnet, Inc. (NASDAQ:AVT)

New York State Common Retirement Fund trimmed its position in Avnet, Inc. (NASDAQ:AVT) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 698,680 shares of the company’s stock after selling 9,024 shares during the quarter. New York State Common Retirement Fund owned 0.77% of Avnet worth $35,213,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mariner LLC raised its stake in Avnet by 32.1% during the third quarter. Mariner LLC now owns 27,316 shares of the company’s stock worth $1,316,000 after acquiring an additional 6,630 shares in the last quarter. Bahl & Gaynor Inc. grew its holdings in shares of Avnet by 37.9% during the third quarter. Bahl & Gaynor Inc. now owns 325,679 shares of the company’s stock worth $15,694,000 after purchasing an additional 89,524 shares during the last quarter. Earnest Partners LLC grew its holdings in shares of Avnet by 3.4% during the third quarter. Earnest Partners LLC now owns 1,420,388 shares of the company’s stock worth $68,448,000 after purchasing an additional 46,044 shares during the last quarter. Federated Hermes Inc. grew its holdings in shares of Avnet by 336.7% during the third quarter. Federated Hermes Inc. now owns 41,842 shares of the company’s stock worth $2,016,000 after purchasing an additional 32,261 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Avnet by 1.3% during the third quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after purchasing an additional 135,171 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Avnet Price Performance

Avnet stock opened at $49.58 on Friday. The business’s 50-day simple moving average is $47.49 and its 200 day simple moving average is $47.35. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 6.85, a P/E/G ratio of 0.64 and a beta of 1.24. Avnet, Inc. has a 12-month low of $39.64 and a 12-month 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.

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

Avnet Announces Dividend

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

Avnet Company 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.