MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Grows Holdings in Avnet, Inc. (NASDAQ:AVT)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 227.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 94,392 shares of the company's stock after acquiring an additional 65,522 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned about 0.11% of Avnet worth $4,939,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Greenhaven Associates Inc. increased its position in shares of Avnet by 1.0% during the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock worth $207,336,000 after buying an additional 38,185 shares during the period. American Century Companies Inc. increased its position in shares of Avnet by 2.1% during the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after buying an additional 72,715 shares during the period. Pacer Advisors Inc. increased its position in shares of Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after buying an additional 2,816,889 shares during the period. Bank of New York Mellon Corp increased its position in shares of Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock worth $58,426,000 after buying an additional 43,547 shares during the period. Finally, Norges Bank acquired a new stake in shares of Avnet during the fourth quarter worth $52,924,000. Institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on AVT shares. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and decreased their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial reduced their price target 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. Finally, Wells Fargo & Company reduced their price target on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st.

Avnet Stock Down 0.9%

NASDAQ:AVT traded down $0.45 during trading hours on Friday, reaching $49.72. The company had a trading volume of 452,245 shares, compared to its average volume of 750,680. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 1.13 and a beta of 0.98. The business's 50-day simple moving average is $48.35 and its two-hundred day simple moving average is $50.93. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued 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 firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The business's revenue was down 6.0% on a year-over-year basis. During the same period last year, the company earned $1.10 earnings per share. On average, equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed 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. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Wednesday, June 4th. Avnet's dividend payout ratio is currently 36.97%.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president now directly owns 14,626 shares of the company's stock, valued at $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company's stock.

Avnet 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.