Gladius Capital Management LP Sells 3,462 Shares of Avnet, Inc. (NASDAQ:AVT)

Gladius Capital Management LP lowered its stake in Avnet, Inc. (NASDAQ:AVT) by 75.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,140 shares of the company’s stock after selling 3,462 shares during the quarter. Gladius Capital Management LP’s holdings in Avnet were worth $62,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp increased its holdings in shares of Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after buying an additional 214 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Avnet during the 3rd quarter worth approximately $51,000. nVerses Capital LLC acquired a new position in Avnet in the 2nd quarter valued at approximately $77,000. Versant Capital Management Inc raised its stake in shares of Avnet by 729.7% during the second quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after acquiring an additional 1,350 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Avnet by 68.4% during the second quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Avnet Price Performance

AVT stock opened at $53.07 on Friday. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 0.98 and a beta of 1.16. The company’s fifty day simple moving average is $53.73 and its 200 day simple moving average is $53.15. Avnet, Inc. has a 12-month low of $43.62 and a 12-month high of $59.24.

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