AQR Capital Management LLC Lowers Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

AQR Capital Management LLC reduced its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 27.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,237,351 shares of the company's stock after selling 461,749 shares during the period. AQR Capital Management LLC owned approximately 1.43% of Avnet worth $64,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. GeoWealth Management LLC purchased a new stake in shares of Avnet during the 4th quarter worth approximately $31,000. Synergy Investment Management LLC bought a new position in Avnet in the fourth quarter worth approximately $38,000. Natixis increased its holdings in Avnet by 1,463.8% during 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 position in Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after purchasing an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew its position in shares of Avnet by 18.2% during 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 in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Trading Down 1.7 %

Shares of AVT stock traded down $0.86 on Tuesday, hitting $49.20. 218,453 shares of the stock traded hands, compared to its average volume of 744,974. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The firm's 50-day moving average price is $47.78 and its two-hundred day moving average price is $51.29. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The stock has a market capitalization of $4.26 billion, a PE ratio of 13.96, a PEG ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping 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 company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.25 billion. During the same quarter last year, the company earned $1.10 earnings per share. The firm's revenue for the quarter was down 6.0% on a year-over-year basis. As a group, analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's payout ratio is 36.97%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVT shares. Truist Financial dropped their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Bank of America downgraded shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Finally, Wells Fargo & Company cut their price objective on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.

About Avnet

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.