Convergence Investment Partners LLC Sells 16,435 Shares of Avnet, Inc. (NASDAQ:AVT)

Convergence Investment Partners LLC lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 55.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,143 shares of the company’s stock after selling 16,435 shares during the period. Convergence Investment Partners LLC’s holdings in Avnet were worth $688,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Pacer Advisors Inc. boosted its stake in Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after acquiring an additional 2,816,889 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in Avnet by 204.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock worth $37,489,000 after purchasing an additional 463,660 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Avnet by 227.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after buying an additional 148,588 shares in the last quarter. FMR LLC lifted its stake in Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares in the last quarter. Finally, Weiss Asset Management LP raised its position in shares of Avnet by 35.7% in the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after buying an additional 66,973 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Price Performance

NASDAQ AVT opened at $52.53 on Thursday. Avnet, Inc. has a one year low of $44.42 and a one year high of $59.24. The stock has a 50-day moving average of $52.28 and a 200 day moving average of $53.25. The company has a market capitalization of $4.54 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 1.12 and a beta of 1.13. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVT. Truist Financial lowered their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

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.