Mutual of America Capital Management LLC Sells 3,488 Shares of Avnet, Inc. (NASDAQ:AVT)

Mutual of America Capital Management LLC decreased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 5.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 56,005 shares of the company’s stock after selling 3,488 shares during the quarter. Mutual of America Capital Management LLC owned 0.06% of Avnet worth $2,823,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in AVT. Norges Bank bought a new position in shares of Avnet during the 4th quarter worth about $37,590,000. Invesco Ltd. increased its holdings in shares of Avnet by 51.2% during the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock worth $73,306,000 after purchasing an additional 515,095 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Avnet by 545.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 579,206 shares of the company’s stock worth $3,920,000 after purchasing an additional 489,490 shares during the period. Woodline Partners LP bought a new position in shares of Avnet during the 2nd quarter worth about $23,148,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Avnet by 971.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 437,210 shares of the company’s stock worth $21,069,000 after purchasing an additional 396,405 shares during the period. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

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

Avnet Price Performance

Shares of Avnet stock opened at $46.54 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 2.34. The firm’s 50-day simple moving average is $47.16 and its 200-day simple moving average is $47.35. Avnet, Inc. has a twelve month low of $39.64 and a twelve month high of $51.65. The firm has a market cap of $4.21 billion, a P/E ratio of 6.43, a price-to-earnings-growth ratio of 0.62 and a beta of 1.24.

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

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.66%. 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.