Foundry Partners LLC Purchases New Position in Avnet, Inc. (NASDAQ:AVT)

Foundry Partners LLC bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 134,675 shares of the company's stock, valued at approximately $7,046,000. Foundry Partners LLC owned about 0.16% of Avnet at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC boosted its holdings in Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company's stock valued at $31,326,000 after purchasing an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in Avnet by 227.1% in the 4th 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 in the last quarter. Weiss Asset Management LP lifted its position in shares of Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company's stock worth $13,829,000 after purchasing an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Avnet by 13.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company's stock valued at $13,213,000 after buying an additional 28,453 shares during the period. Finally, Park Avenue Securities LLC boosted its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company's stock valued at $312,000 after acquiring an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

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Avnet Trading Up 1.9 %

Avnet stock traded up $0.79 during mid-day trading on Wednesday, hitting $42.30. 462,010 shares of the company's stock were exchanged, compared to its average volume of 710,068. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $3.66 billion, a P/E ratio of 11.94, a PEG ratio of 1.13 and a beta of 1.04. The company's 50 day simple moving average is $48.90 and its 200-day simple moving average is $52.12.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 EPS 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%. On average, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current 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 annualized dividend and a yield of 3.12%. Avnet's dividend payout ratio is 37.39%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVT. Bank of America lowered shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial decreased their price objective 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 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.