Pinebridge Investments L.P. Grows Stock Position in Avnet, Inc. (NASDAQ:AVT)

Pinebridge Investments L.P. raised its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 42.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,325 shares of the company's stock after purchasing an additional 17,448 shares during the quarter. Pinebridge Investments L.P. owned 0.07% of Avnet worth $3,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Bank of America downgraded 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 research report on Thursday, January 30th. Truist Financial cut their target price on Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a research note on Thursday, January 30th.

Avnet Price Performance

Shares of AVT traded down $4.25 during trading hours on Wednesday, reaching $46.99. 2,354,834 shares of the company's stock traded hands, compared to its average volume of 748,461. The firm's 50 day simple moving average is $48.01 and its 200-day simple moving average is $51.48. The stock has a market cap of $4.06 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. 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 announced its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.25 billion. During the same period in the previous year, the business earned $1.10 earnings per share. The firm's quarterly revenue was down 6.0% compared to the same quarter last year. Equities analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently declared 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 2.81%. The ex-dividend date was Wednesday, March 5th. Avnet's payout ratio is currently 37.39%.

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.