Harbor Capital Advisors Inc. Has $11.42 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Harbor Capital Advisors Inc. boosted its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 237,429 shares of the company's stock after acquiring an additional 23,422 shares during the period. Harbor Capital Advisors Inc. owned about 0.27% of Avnet worth $11,418,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Avnet during the fourth quarter worth approximately $52,924,000. Woodline Partners LP acquired a new stake in shares of Avnet during the 4th quarter worth $38,097,000. Raymond James Financial Inc. purchased a new position in shares of Avnet in the 4th quarter worth $32,676,000. Bank of America Corp DE raised its position in shares of Avnet by 149.9% in the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after buying an additional 421,098 shares during the period. Finally, Northern Trust Corp boosted its holdings in Avnet by 25.2% in the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock valued at $46,875,000 after acquiring an additional 180,134 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Performance

AVT traded down $1.04 during trading on Friday, reaching $50.49. 439,655 shares of the company were exchanged, compared to its average volume of 743,840. Avnet, Inc. has a 52 week low of $39.22 and a 52 week 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 firm has a 50 day moving average of $49.58 and a 200 day moving average of $50.60. The stock has a market cap of $4.23 billion, a P/E ratio of 14.30, a PEG ratio of 1.13 and a beta of 1.02.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) 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 business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. During the same period last year, the firm posted $1.10 earnings per share. The business's revenue was down 6.0% on a year-over-year basis. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared 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. 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 (DPR) is presently 36.97%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on AVT shares. Truist Financial cut their price objective on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research report on Thursday, May 1st.

Insider Activity

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

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.