Franklin Resources Inc. Has $4.34 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Franklin Resources Inc. increased its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 58.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 82,851 shares of the company's stock after purchasing an additional 30,561 shares during the period. Franklin Resources Inc. owned 0.10% of Avnet worth $4,335,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Synergy Investment Management LLC bought a new stake in shares of Avnet in the 4th quarter worth $38,000. Principal Securities Inc. grew its stake in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Avnet by 1,768.1% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company's stock worth $113,000 after buying an additional 2,051 shares in the last quarter. GAMMA Investing LLC grew its position in Avnet by 18.6% in the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after buying an additional 341 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company's stock valued at $176,000 after buying an additional 1,200 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Down 0.1 %

Shares of NASDAQ:AVT traded down $0.05 during midday trading on Wednesday, hitting $46.40. 58,784 shares of the stock were exchanged, compared to its average volume of 722,435. The business's fifty day simple moving average is $48.35 and its two-hundred day simple moving average is $51.82. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The company has a market capitalization of $4.01 billion, a PE ratio of 13.14, a P/E/G ratio of 1.13 and a beta of 1.04.

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Avnet (NASDAQ:AVT - Get Free Report) last posted its 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 net margin of 1.41% and a return on equity of 7.49%. As a group, research analysts predict 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. Stockholders of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio is 37.39%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Bank of America downgraded shares of 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 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 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.