Avnet, Inc. (NASDAQ:AVT) Stake Cut by LSV Asset Management

LSV Asset Management cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,627,632 shares of the company’s stock after selling 74,352 shares during the quarter. LSV Asset Management’s holdings in Avnet were worth $137,478,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its holdings in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after acquiring an additional 148,588 shares in the last quarter. JPMorgan Chase & Co. increased its position in Avnet by 13.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock worth $13,213,000 after purchasing an additional 28,453 shares during the last quarter. Park Avenue Securities LLC raised its stake in shares of Avnet by 22.6% during the 4th quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after purchasing an additional 1,101 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Avnet by 16.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company’s stock valued at $2,837,000 after buying an additional 7,800 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of Avnet by 87.6% in the 3rd quarter. Barclays PLC now owns 91,842 shares of the company’s stock valued at $4,988,000 after buying an additional 42,880 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on AVT shares. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial cut their price target on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday, January 30th.

Avnet Stock Performance

Shares of NASDAQ AVT opened at $44.74 on Friday. The business’s 50-day simple moving average is $48.60 and its 200-day simple moving average is $51.98. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 12.67, a P/E/G ratio of 1.13 and a beta of 1.04.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. As a group, equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio is 37.39%.

Avnet Company 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.