Geode Capital Management LLC Trims Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Geode Capital Management LLC lowered its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,566,832 shares of the company’s stock after selling 45,632 shares during the quarter. Geode Capital Management LLC owned 1.80% of Avnet worth $85,403,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Barclays PLC lifted its position in shares of Avnet by 87.6% during the third quarter. Barclays PLC now owns 91,842 shares of the company’s stock worth $4,988,000 after purchasing an additional 42,880 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Avnet during the 3rd quarter valued at about $1,021,000. Kovitz Investment Group Partners LLC boosted its position in Avnet by 430.6% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 24,208 shares of the company’s stock valued at $1,289,000 after buying an additional 19,646 shares during the period. Weiss Asset Management LP grew its stake in Avnet by 35.7% in the 3rd quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after acquiring an additional 66,973 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Avnet by 20.2% during the third quarter. Quantinno Capital Management LP now owns 96,218 shares of the company’s stock worth $5,226,000 after acquiring an additional 16,154 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 0.2 %

Shares of NASDAQ AVT opened at $52.91 on Friday. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24. 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 has a 50 day moving average price of $54.47 and a 200 day moving average price of $53.39. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25.

Avnet (NASDAQ:AVT) last issued 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 business had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.61 EPS. Sell-side analysts expect that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend was Wednesday, December 4th. 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.