Harbor Capital Advisors Inc. Buys 23,422 Shares of Avnet, Inc. (NASDAQ:AVT)

Harbor Capital Advisors Inc. raised its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,429 shares of the company's stock after buying an additional 23,422 shares during the period. Harbor Capital Advisors Inc. owned 0.27% of Avnet worth $11,418,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Abacus Planning Group Inc. acquired a new position in Avnet in the first quarter valued at about $296,000. Wedge Capital Management L L P NC bought a new stake in Avnet during the 1st quarter worth about $2,779,000. Curat Global LLC acquired a new stake in Avnet in the 1st quarter valued at about $42,000. Lind Value II ApS lifted its position in shares of Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Avnet by 54.8% during the first quarter. Parallel Advisors LLC now owns 6,245 shares of the company's stock valued at $300,000 after purchasing an additional 2,210 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on AVT shares. Wells Fargo & Company dropped 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. Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st.

Avnet Stock Performance

Shares of AVT traded up $0.55 during midday trading on Tuesday, reaching $52.11. 532,997 shares of the stock were exchanged, compared to its average volume of 742,263. The stock's 50 day simple moving average is $48.87 and its 200 day simple moving average is $50.64. The company has a market cap of $4.37 billion, a P/E ratio of 14.76, a PEG ratio of 1.13 and a beta of 1.02. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

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

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be paid a $0.33 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.53%. Avnet's payout ratio is currently 36.97%.

Insider Activity at Avnet

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

About Avnet

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.