ETFs Are Net Sellers of Avnet (AVT) on Friday
This article first appeared on GuruFocus.
ETFs sold $30.2 million in Avnet (AVT) shares in Friday’s session, a net outflow driven by a single large reduction. More funds traded the other way, with 9 ETFs buying versus 5 selling, but their purchases were smaller in dollar terms. The move ended a stretch of near-flat ETF activity, following net inflows of $0.6 million on Oct. 22 and $0.2 million on both Oct. 21 and Oct. 20. The selling streak now stands at one day.
For the full record of ETF and guru buying and selling in AVT, see the AVT guru trades page.
Which ETFs sold AVT on Friday?
The largest sellers by dollar value were AVUV ($30.1 million), FTXL ($0.1 million) and SPMD ($0.0 million). In all, 9 ETFs added shares and 5 cut them.
AVUV accounted for nearly all of the outflow, cutting its position by 342,112 shares, a 24.53% stake reduction worth $30.1 million, with the stock at 0.29% of its portfolio. FTXL trimmed 634 shares for $0.1 million, while SPMD, IJJ and AVTM made negligible reductions. Avnet operates in the Technology sector within Electronics & Computer Distribution and carries a market cap of $7.4 billion.
Have ETFs been buying or selling AVT lately?
Over the last 5 reported days, ETFs were net buyers on 3 and net sellers on 1, so the recent trend is mostly buying.
What does AVT do?
Avnet Inc. is a global distributor of electronic components and technology solutions. It sells semiconductors, interconnect, passive and electromechanical components, and embedded products from many manufacturers, along with design, supply chain, logistics, and integration services.
Avnet reported trailing-12-month revenue of $27.63 billion, up 30.4% year over year, with gross margin of 10.4% and net margin of 1.2%. The stock trades at a P/E of 22.47, P/B of 1.47 and P/S of 0.27, against a market cap of $7.4 billion. Its GF Score is 81, and at $89.65 the price sits above the GF Value of $74.17. The dividend yield is 1.47%, and the shares have returned 88.95% year to date.