Pinebridge Investments L.P. Purchases 17,448 Shares of Avnet, Inc. (NASDAQ:AVT)

Pinebridge Investments L.P. boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 42.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 58,325 shares of the company's stock after buying an additional 17,448 shares during the period. Pinebridge Investments L.P. owned approximately 0.07% of Avnet worth $3,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Greenhaven Associates Inc. raised its position in Avnet by 1.0% during the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock valued at $207,336,000 after acquiring an additional 38,185 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after purchasing an additional 2,816,889 shares in the last quarter. Bank of New York Mellon Corp increased its position in 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 last quarter. Finally, Norges Bank acquired a new position in Avnet during the fourth quarter worth $52,924,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of AVT traded up $0.79 on Friday, reaching $49.61. 220,606 shares of the stock traded hands, compared to its average volume of 744,779. The stock's 50-day moving average price is $47.84 and its 200-day moving average price is $51.41. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 1.13 and a beta of 1.04. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping the consensus estimate 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%. Avnet's revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 EPS. Equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.33 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.66%. Avnet's payout ratio is presently 37.39%.

Wall Street Analyst Weigh In

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

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.