Ameriprise Financial Inc. lowered its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 6.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 480,660 shares of the company's stock after selling 31,590 shares during the period. Ameriprise Financial Inc. owned approximately 0.56% of Avnet worth $25,148,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. GeoWealth Management LLC purchased a new position in shares of Avnet during the fourth quarter valued at about $31,000. Synergy Investment Management LLC purchased a new stake in Avnet in the fourth quarter worth approximately $38,000. Natixis lifted its stake in shares of Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after purchasing an additional 688 shares during the period. Bessemer Group Inc. raised its stake in shares of Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock worth $50,000 after buying an additional 827 shares during the period. Finally, Principal Securities Inc. boosted its holdings in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after buying an additional 211 shares during the period. Hedge funds and other institutional investors own 95.78% of the company's stock.
Avnet Stock Up 1.2%
Shares of AVT traded up $0.60 during midday trading on Tuesday, hitting $51.53. The company had a trading volume of 38,680 shares, compared to its average volume of 749,370. The company's 50-day simple moving average is $48.16 and its 200-day simple moving average is $51.04. The firm has a market capitalization of $4.32 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. 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 (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter last year, the firm earned $1.10 earnings per share. The firm's revenue was down 6.0% compared to the same quarter last year. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.
Avnet Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date is Wednesday, June 4th. Avnet's payout ratio is currently 36.97%.
Insiders Place Their Bets
In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president now owns 14,626 shares of the company's stock, valued at $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.50% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of research analysts have weighed in on the stock. Bank of America cut 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. Wells Fargo & Company lowered their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Finally, Truist Financial cut their target price on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st.
Check Out Our Latest Research Report on AVT
Avnet Profile
(
Free Report)
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.
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