Avnet, Inc. (NASDAQ:AVT) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE increased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 149.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 701,957 shares of the company's stock after acquiring an additional 421,098 shares during the period. Bank of America Corp DE owned about 0.81% of Avnet worth $36,726,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. GeoWealth Management LLC purchased a new position in Avnet during the 4th quarter worth $31,000. Synergy Investment Management LLC bought a new position in shares of Avnet during the 4th quarter worth approximately $38,000. Natixis boosted 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 buying an additional 688 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Avnet by 621.8% in the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after acquiring an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew 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 valued at $72,000 after acquiring an additional 211 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Trading Down 0.5%

Avnet stock traded down $0.28 during trading hours on Wednesday, reaching $50.63. The stock had a trading volume of 49,321 shares, compared to its average volume of 749,877. The stock has a market cap of $4.25 billion, a PE ratio of 14.34, a PEG ratio of 1.13 and a beta of 0.98. The company has a fifty day simple moving average of $48.24 and a 200-day simple moving average of $51.04. 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 released 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 firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same period in the previous year, the company earned $1.10 earnings per share. The firm's quarterly revenue was down 6.0% on a year-over-year basis. Analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.61%. Avnet's dividend payout ratio is 36.97%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the completion of the sale, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.50% of the company's stock.

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.