Allspring Global Investments Holdings LLC Grows Position in Avnet, Inc. (NASDAQ:AVT)

Allspring Global Investments Holdings LLC increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 135.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 65,795 shares of the company's stock after acquiring an additional 37,815 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of Avnet worth $3,316,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVT. Venturi Wealth Management LLC raised its position in shares of Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company's stock valued at $33,000 after buying an additional 208 shares during the last quarter. Avantax Planning Partners Inc. boosted its position in shares of Avnet by 5.4% during the 3rd quarter. Avantax Planning Partners Inc. now owns 4,878 shares of the company's stock valued at $235,000 after acquiring an additional 249 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Avnet by 19.1% in the third quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company's stock valued at $79,000 after purchasing an additional 265 shares in the last quarter. Jane Street Group LLC raised its stake in Avnet by 3.9% during the first quarter. Jane Street Group LLC now owns 8,498 shares of the company's stock valued at $345,000 after purchasing an additional 317 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC lifted its position in Avnet by 5.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 6,659 shares of the company's stock valued at $301,000 after purchasing an additional 351 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Wall Street Analyst Weigh In

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

Avnet Trading Up 0.3 %

Avnet stock traded up $0.12 during midday trading on Friday, reaching $46.66. The stock had a trading volume of 421,306 shares, compared to its average volume of 393,955. Avnet, Inc. has a 52-week low of $39.64 and a 52-week high of $51.65. The company has a fifty day moving average of $47.20 and a 200 day moving average of $47.33. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of 6.44, a price-to-earnings-growth ratio of 0.62 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.01. Avnet had a return on equity of 13.60% and a net margin of 2.62%. The company had revenue of $6.20 billion during the quarter, compared to analysts' expectations of $6.15 billion. During the same quarter in the previous year, the business earned $2.00 EPS. On average, analysts anticipate that Avnet, Inc. will post 5.25 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.66%. Avnet's dividend payout ratio is currently 17.13%.

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.