Mackenzie Financial Corp Sells 4,920 Shares of Avnet, Inc. (NASDAQ:AVT)

Mackenzie Financial Corp reduced its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 16.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,603 shares of the company’s stock after selling 4,920 shares during the period. Mackenzie Financial Corp’s holdings in Avnet were worth $1,240,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of AVT. CWM LLC raised its position in Avnet by 330.2% during the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after purchasing an additional 492 shares during the last quarter. Exchange Traded Concepts LLC raised its position in Avnet by 44.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,285 shares of the company’s stock worth $110,000 after purchasing an additional 702 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Avnet during the 3rd quarter worth about $130,000. Occidental Asset Management LLC grew its holdings in Avnet by 1.7% during the 3rd quarter. Occidental Asset Management LLC now owns 56,101 shares of the company’s stock worth $2,704,000 after acquiring an additional 963 shares during the period. Finally, Measured Wealth Private Client Group LLC grew its holdings in Avnet by 2.8% during the 3rd quarter. Measured Wealth Private Client Group LLC now owns 14,817 shares of the company’s stock worth $714,000 after acquiring an additional 401 shares during the period. 95.78% of the stock is owned by institutional investors.

Avnet Stock Performance

Shares of Avnet stock opened at $49.24 on Thursday. The company has a current ratio of 2.34, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $47.41 and a two-hundred day moving average price of $47.34. The company has a market cap of $4.45 billion, a P/E ratio of 6.80, a PEG ratio of 0.63 and a beta of 1.24. Avnet, Inc. has a 1-year low of $39.64 and a 1-year high of $51.65.

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

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.52%. Avnet’s dividend payout ratio is presently 17.13%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group decreased their price target on 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 given a hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $45.50.

About Avnet

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.