Hsbc Holdings PLC Raises Position in Avnet, Inc. (NASDAQ:AVT)

Hsbc Holdings PLC raised its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 1,257.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 88,470 shares of the company's stock after acquiring an additional 81,953 shares during the quarter. Hsbc Holdings PLC owned approximately 0.10% of Avnet worth $4,644,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. GeoWealth Management LLC acquired a new position in shares of Avnet in the fourth quarter valued at about $31,000. Synergy Investment Management LLC bought a new stake in shares of Avnet during the fourth quarter worth $38,000. Natixis grew its position in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company's stock worth $38,000 after acquiring an additional 688 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company's stock valued at $50,000 after purchasing an additional 827 shares in the last quarter. Finally, Principal Securities Inc. grew its stake in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Stock Performance

Shares of AVT stock traded up $0.90 during trading hours on Friday, reaching $49.72. The company had a trading volume of 762,579 shares, compared to its average volume of 746,682. The firm has a market cap of $4.30 billion, a PE ratio of 14.08, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The business has a fifty day moving average price of $47.81 and a 200-day moving average price of $51.37. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24.

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

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is 37.39%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVT. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and cut their price target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial dropped their price objective on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday. Finally, Wells Fargo & Company lowered their target price on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday.

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.