State of Alaska Department of Revenue Buys 41,915 Shares of Avnet, Inc. (NASDAQ:AVT)

State of Alaska Department of Revenue grew its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 385.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,777 shares of the company's stock after purchasing an additional 41,915 shares during the period. State of Alaska Department of Revenue owned approximately 0.06% of Avnet worth $2,659,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Avnet by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 10,812,840 shares of the company's stock worth $438,893,000 after buying an additional 49,576 shares during the period. BlackRock Inc. lifted its holdings in shares of Avnet by 3.8% during the first quarter. BlackRock Inc. now owns 9,062,435 shares of the company's stock valued at $409,622,000 after purchasing an additional 335,696 shares during the last quarter. Pzena Investment Management LLC boosted its position in shares of Avnet by 0.5% in the 3rd quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company's stock worth $420,711,000 after purchasing an additional 42,234 shares in the last quarter. Greenhaven Associates Inc. grew its stake in shares of Avnet by 1.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company's stock worth $193,274,000 after acquiring an additional 62,710 shares during the last quarter. Finally, State Street Corp grew its position in Avnet by 4.2% during the 1st quarter. State Street Corp now owns 3,635,091 shares of the company's stock valued at $164,306,000 after purchasing an additional 147,113 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group reduced their price target on shares of Avnet from $48.00 to $42.00 and set a "sell" rating for the company in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. Based on data from MarketBeat.com, Avnet presently has a consensus rating of "Hold" and an average target price of $45.50.

Avnet Stock Performance

Avnet stock traded up $0.40 during mid-day trading on Friday, reaching $48.53. 527,416 shares of the stock traded hands, compared to its average volume of 594,737. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.34 and a quick ratio of 1.05. The stock has a market capitalization of $4.39 billion, a PE ratio of 6.70, a price-to-earnings-growth ratio of 0.65 and a beta of 1.24. The business's 50-day moving average is $46.78 and its 200-day moving average is $47.36. Avnet, Inc. has a 12-month low of $39.64 and a 12-month high of $51.65.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 31st. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.01. The business had revenue of $6.20 billion for the quarter, compared to analysts' expectations of $6.15 billion. Avnet had a return on equity of 13.60% and a net margin of 2.62%. During the same period in the prior year, the firm earned $2.00 EPS. As a group, sell-side analysts predict that Avnet, Inc. will post 5.25 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet's dividend payout ratio is presently 17.13%.

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.