D. E. Shaw & Co. Inc. raised its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 142.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 103,791 shares of the company's stock after buying an additional 61,004 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.12% of Avnet worth $5,430,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in AVT. Barclays PLC grew its holdings in Avnet by 87.6% during the 3rd quarter. Barclays PLC now owns 91,842 shares of the company's stock valued at $4,988,000 after purchasing an additional 42,880 shares in the last quarter. Franklin Resources Inc. grew its stake in Avnet by 17.1% in the third quarter. Franklin Resources Inc. now owns 52,290 shares of the company's stock worth $2,895,000 after purchasing an additional 7,619 shares in the last quarter. Park Avenue Securities LLC increased its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company's stock valued at $312,000 after buying an additional 1,101 shares during the last quarter. Greenhaven Associates Inc. increased its holdings in shares of Avnet by 1.0% in the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock valued at $207,336,000 after acquiring an additional 38,185 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Avnet by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company's stock valued at $2,837,000 after purchasing an additional 7,800 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on AVT. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and lowered their target price for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Wells Fargo & Company dropped their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock 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 note on Thursday, May 1st.
Read Our Latest Research Report on AVT
Avnet Price Performance
Shares of AVT traded up $0.26 during midday trading on Thursday, reaching $50.30. The stock had a trading volume of 73,438 shares, compared to its average volume of 749,074. The firm's 50 day moving average price is $48.29 and its 200-day moving average price is $51.04. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The company has a market capitalization of $4.22 billion, a P/E ratio of 14.23, a P/E/G ratio of 1.13 and a beta of 0.98. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.
Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter last year, the firm posted $1.10 EPS. The business's revenue for the quarter was down 6.0% on a year-over-year basis. On average, analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.
Avnet Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio is 36.97%.
Insider Activity at Avnet
In related news, VP Elizabeth Mcmullen sold 4,000 shares of the company's 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 transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at approximately $772,252.80. The trade was a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.
Avnet Company Profile
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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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