Avnet, Inc. (NASDAQ:AVT) Stake Trimmed by Alliancebernstein L.P.

Alliancebernstein L.P. trimmed its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,657,617 shares of the company's stock after selling 66,307 shares during the period. Alliancebernstein L.P. owned about 1.92% of Avnet worth $86,727,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AVT. Synergy Investment Management LLC purchased a new stake in shares of Avnet during the 4th quarter worth about $38,000. Principal Securities Inc. raised its stake in Avnet by 18.2% during the fourth 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. Harvest Fund Management Co. Ltd boosted its holdings in Avnet by 1,768.1% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company's stock worth $113,000 after purchasing an additional 2,051 shares during the period. GAMMA Investing LLC grew its position in shares of Avnet by 18.6% during the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock valued at $114,000 after buying an additional 341 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company's stock worth $176,000 after acquiring an additional 1,200 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on AVT. Bank of America downgraded Avnet from a "neutral" rating to an "underperform" rating and lowered their price objective for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial lowered their price target on shares of Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a research report on Thursday, January 30th.

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Avnet Stock Performance

AVT traded up $1.07 during trading hours on Tuesday, hitting $43.18. The company's stock had a trading volume of 297,100 shares, compared to its average volume of 707,094. The company has a 50-day simple moving average of $49.36 and a 200 day simple moving average of $52.28. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $3.74 billion, a PE ratio of 12.24, a PEG ratio of 1.13 and a beta of 1.04. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing analysts' consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 3.06%. Avnet's dividend payout ratio (DPR) is 37.39%.

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.