MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 227.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,392 shares of the company's stock after acquiring an additional 65,522 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.11% of Avnet worth $4,939,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. Pacer Advisors Inc. grew its stake in shares of Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock valued at $148,623,000 after buying an additional 2,816,889 shares during the period. Norges Bank bought a new stake in shares of Avnet during the fourth quarter valued at approximately $52,924,000. Raymond James Financial Inc. acquired a new position in shares of Avnet during the fourth quarter worth approximately $32,676,000. Bank of America Corp DE raised its position in shares of Avnet by 149.9% during the fourth quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after purchasing an additional 421,098 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Avnet by 25.2% in the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after purchasing an additional 180,134 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.
Avnet Stock Down 1.7%
AVT stock traded down $0.87 on Wednesday, reaching $50.04. 458,625 shares of the company traded hands, compared to its average volume of 751,733. The company has a market cap of $4.20 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 1.13 and a beta of 0.98. The firm has a fifty day simple moving average of $48.29 and a 200-day simple moving average of $51.04. Avnet, Inc. has a one year low of $39.22 and a one year 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 results 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 business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The business's quarterly revenue was down 6.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS. Research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.
Avnet Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. Avnet's payout ratio is 36.97%.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on AVT. 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 note on Thursday, May 1st. Bank of America lowered shares of Avnet from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st.
Read Our Latest Research Report on AVT
Insiders Place Their Bets
In related news, VP Elizabeth Mcmullen sold 4,000 shares of the business's 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company's stock.
About Avnet
(
Free Report)
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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