Capital Fund Management S.A. Takes Position in Avnet, Inc. (NASDAQ:AVT)

Capital Fund Management S.A. purchased a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 26,724 shares of the company's stock, valued at approximately $1,398,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenhaven Associates Inc. grew its position in shares of Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock valued at $207,336,000 after purchasing an additional 38,185 shares during the period. American Century Companies Inc. raised its position in shares of Avnet by 2.1% during the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after acquiring an additional 72,715 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock valued at $148,623,000 after acquiring an additional 2,816,889 shares during the period. Bank of New York Mellon Corp grew its position in shares of 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 acquiring an additional 43,547 shares during the last quarter. Finally, Norges Bank bought a new stake in Avnet during the 4th quarter valued at $52,924,000. Hedge funds and other institutional investors own 95.78% of the company's stock.

Avnet Price Performance

Shares of NASDAQ:AVT traded down $0.49 during midday trading on Monday, hitting $46.72. The stock had a trading volume of 60,791 shares, compared to its average volume of 728,159. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a market capitalization of $4.04 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The company's 50-day moving average price is $48.17 and its 200-day moving average price is $51.67.

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

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.83%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio is presently 37.39%.

Wall Street Analyst Weigh In

AVT has been the subject of a number of recent analyst reports. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and decreased their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial lowered their target price on shares of Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a research note on Thursday, January 30th.

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.