State of New Jersey Common Pension Fund D Sells 10,195 Shares of Avnet, Inc. (NASDAQ:AVT)

Posted by MarketBeat News on Aug 2nd, 2022

State of New Jersey Common Pension Fund D trimmed its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 14.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 61,895 shares of the company’s stock after selling 10,195 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Avnet worth $2,512,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AVT. Duncker Streett & Co. Inc. purchased a new position in shares of Avnet during the fourth quarter worth approximately $25,000. Confluence Wealth Services Inc. purchased a new position in Avnet in the 4th quarter worth $27,000. Versor Investments LP bought a new stake in Avnet in the fourth quarter worth $200,000. People s United Financial Inc. purchased a new stake in Avnet during the fourth quarter valued at about $200,000. Finally, Profund Advisors LLC bought a new position in shares of Avnet during the fourth quarter valued at about $204,000. 96.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of recent research reports. The Goldman Sachs Group lowered their target price on Avnet from $45.00 to $43.00 in a research note on Friday, July 15th. Citigroup increased their price objective on Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, June 7th. JPMorgan Chase & Co. began coverage on shares of Avnet in a research note on Thursday, July 14th. They issued an “underweight” rating and a $46.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 7th. Finally, Truist Financial decreased their price objective on shares of Avnet from $45.00 to $41.00 and set a “hold” rating on the stock in a research report on Friday, April 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $46.43.

Avnet Stock Performance

Shares of AVT stock opened at $48.15 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 2.02 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average of $44.88 and a 200 day moving average of $42.73. The firm has a market capitalization of $4.70 billion, a price-to-earnings ratio of 9.10, a PEG ratio of 0.18 and a beta of 1.28. Avnet, Inc. has a 52 week low of $35.71 and a 52 week high of $50.19.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Wednesday, June 8th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Tuesday, June 7th. Avnet’s payout ratio is 19.66%.

Insider Activity

In other Avnet news, Director William H. Schumann sold 3,856 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $45.20, for a total transaction of $174,291.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.10% of the company’s stock.

Avnet Company Profile

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Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.