Bayesian Capital Management LP Purchases New Shares in Avnet, Inc. (NASDAQ:AVT)

Bayesian Capital Management LP bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,097 shares of the company's stock, valued at approximately $424,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVT. Harbor Capital Advisors Inc. lifted its position in Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company's stock worth $11,197,000 after buying an additional 148,588 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company's stock worth $13,213,000 after purchasing an additional 28,453 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Avnet by 16.8% in 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 in the last quarter. Park Avenue Securities LLC increased its holdings in shares of 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 purchasing an additional 1,101 shares in the last quarter. Finally, Barclays PLC raised its position in Avnet by 87.6% in the 3rd quarter. Barclays PLC now owns 91,842 shares of the company's stock worth $4,988,000 after purchasing an additional 42,880 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AVT. Wells Fargo & Company lowered their target price on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research note on Thursday, May 1st. Bank of America lowered 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, Truist Financial cut their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st.

Avnet Stock Performance

Shares of Avnet stock opened at $49.16 on Wednesday. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $4.25 billion, a PE ratio of 13.93, a PEG ratio of 1.13 and a beta of 0.98. The stock's fifty day simple moving average is $47.75 and its 200 day simple moving average is $51.27.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.12. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. Avnet's revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 EPS. On average, research analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's payout ratio is presently 36.97%.

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.

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