Congress Wealth Management LLC DE Has $2.16 Million Position in Avnet, Inc. (NASDAQ:AVT)

Congress Wealth Management LLC DE cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 44.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,210 shares of the company's stock after selling 32,660 shares during the period. Congress Wealth Management LLC DE's holdings in Avnet were worth $2,156,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in AVT. Pacer Advisors Inc. increased its stake in Avnet by 11,848.6% in the 4th 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. Raymond James Financial Inc. acquired a new position in shares of Avnet in the fourth quarter worth about $32,676,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of Avnet by 204.6% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company's stock worth $37,489,000 after acquiring an additional 463,660 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company's stock valued at $11,197,000 after acquiring an additional 148,588 shares during the period. Finally, FMR LLC boosted its stake in Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company's stock worth $31,326,000 after purchasing an additional 114,217 shares during the period. 95.78% of the stock is currently owned by institutional investors.

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Analysts Set New Price Targets

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

Avnet Stock Up 1.9 %

AVT stock traded up $0.90 during midday trading on Monday, reaching $48.09. The company had a trading volume of 1,237,131 shares, compared to its average volume of 692,731. The company has a 50 day moving average of $50.27 and a two-hundred day moving average of $52.50. The company has a market capitalization of $4.16 billion, a P/E ratio of 13.62, a PEG ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 1 year low of $46.24 and a 1 year high of $59.24. 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 (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, equities research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.74%. Avnet's payout ratio 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.