Oppenheimer Asset Management Inc. Sells 235 Shares of Avnet, Inc. (NASDAQ:AVT)

Oppenheimer Asset Management Inc. decreased its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 0.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 57,776 shares of the company’s stock after selling 235 shares during the quarter. Oppenheimer Asset Management Inc. owned about 0.07% of Avnet worth $3,138,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. MQS Management LLC bought a new position in shares of Avnet during the third quarter worth $477,000. GSA Capital Partners LLP bought a new position in shares of Avnet during the third quarter worth $676,000. Nations Financial Group Inc. IA ADV boosted its position in shares of Avnet by 6.0% during the third quarter. Nations Financial Group Inc. IA ADV now owns 8,656 shares of the company’s stock worth $470,000 after acquiring an additional 487 shares during the last quarter. Versor Investments LP bought a new position in Avnet during the third quarter valued at $358,000. Finally, State of New Jersey Common Pension Fund D lifted its position in Avnet by 3.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 36,052 shares of the company’s stock valued at $1,958,000 after purchasing an additional 1,210 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Truist Financial increased their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Stifel Nicolaus increased their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company increased their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research report on Friday, August 9th.

Avnet Trading Up 0.1 %

Shares of AVT opened at $53.07 on Friday. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The company has a market cap of $4.61 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.98 and a beta of 1.16. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $53.73 and its 200-day simple moving average is $53.12.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the prior year, the firm posted $1.61 earnings per share. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. As a group, analysts expect that Avnet, Inc. will post 4.14 EPS for the current year.

Avnet Profile

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.