Geode Capital Management LLC Sells 45,632 Shares of Avnet, Inc. (NASDAQ:AVT)

Geode Capital Management LLC cut its stake in Avnet, Inc. (NASDAQ:AVT) by 2.8% during the third quarter, HoldingsChannel reports. The fund owned 1,566,832 shares of the company’s stock after selling 45,632 shares during the quarter. Geode Capital Management LLC’s holdings in Avnet were worth $85,403,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AVT. FMR LLC grew its holdings in Avnet by 24.7% in the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Avnet by 8.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 159,985 shares of the company’s stock worth $8,238,000 after purchasing an additional 12,238 shares in the last quarter. Kendall Capital Management grew its stake in Avnet by 21.2% during the 2nd quarter. Kendall Capital Management now owns 118,843 shares of the company’s stock worth $6,119,000 after buying an additional 20,810 shares during the last quarter. Federated Hermes Inc. increased its position in Avnet by 46.8% during the 2nd quarter. Federated Hermes Inc. now owns 40,231 shares of the company’s stock valued at $2,071,000 after buying an additional 12,832 shares in the last quarter. Finally, Great Lakes Advisors LLC raised its stake in Avnet by 2,607.9% in the second quarter. Great Lakes Advisors LLC now owns 163,449 shares of the company’s stock valued at $8,416,000 after buying an additional 157,413 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of AVT stock opened at $52.91 on Friday. Avnet, Inc. has a fifty-two week low of $43.62 and a fifty-two week high of $59.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.01 and a beta of 1.14. The stock’s 50-day simple moving average is $54.47 and its 200-day simple moving average is $53.39.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. Avnet’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 EPS. As a group, equities analysts forecast that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Investors of record on Wednesday, December 4th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.49%. Avnet’s dividend payout ratio (DPR) is 34.55%.

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.