Bank of America Corp DE lifted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 149.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 701,957 shares of the company's stock after acquiring an additional 421,098 shares during the quarter. Bank of America Corp DE owned approximately 0.81% of Avnet worth $36,726,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVT. GeoWealth Management LLC bought a new position in Avnet in the 4th quarter worth about $31,000. Synergy Investment Management LLC bought a new stake in Avnet in the 4th quarter worth about $38,000. Natixis lifted its holdings in shares of Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock valued at $38,000 after buying an additional 688 shares during the period. Bessemer Group Inc. increased its position in shares of 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 during the last quarter. Finally, Principal Securities Inc. boosted its holdings in shares of Avnet by 18.2% in the fourth 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 last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.
Insider Buying and Selling at Avnet
In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction that occurred 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 owns 14,626 shares of the company's stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.50% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
AVT has been the topic of several analyst reports. Truist Financial dropped their price target on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Bank of America downgraded 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 note on Thursday, January 30th. Finally, Wells Fargo & Company dropped their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st.
Check Out Our Latest Stock Analysis on AVT
Avnet Price Performance
Shares of NASDAQ AVT traded down $0.95 during mid-day trading on Monday, reaching $50.93. The company's stock had a trading volume of 515,934 shares, compared to its average volume of 752,174. The stock has a fifty day moving average of $48.08 and a two-hundred day moving average of $51.07. The firm has a market capitalization of $4.27 billion, a PE ratio of 14.43, a P/E/G ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. 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 announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The company's revenue was down 6.0% on a year-over-year basis. During the same period last year, the firm posted $1.10 EPS. As a group, sell-side analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current fiscal year.
Avnet Announces Dividend
The company 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 $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.59%. Avnet's dividend payout ratio (DPR) is 36.97%.
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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