Invesco Ltd. Trims Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Invesco Ltd. decreased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 33.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 639,527 shares of the company's stock after selling 326,896 shares during the period. Invesco Ltd. owned approximately 0.74% of Avnet worth $33,460,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Greenhaven Associates Inc. lifted its stake in Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock worth $207,336,000 after acquiring an additional 38,185 shares during the period. American Century Companies Inc. lifted its holdings in shares of Avnet by 2.1% during the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock valued at $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of 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 buying an additional 2,816,889 shares during the last quarter. Bank of New York Mellon Corp increased its position in Avnet by 4.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock valued at $58,426,000 after buying an additional 43,547 shares in the last quarter. Finally, Norges Bank purchased a new position in Avnet during the fourth quarter valued at $52,924,000. 95.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Avnet Stock Performance

Shares of Avnet stock traded up $1.63 during trading on Wednesday, hitting $50.08. 205,173 shares of the company's stock traded hands, compared to its average volume of 732,889. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The business has a 50-day simple moving average of $48.07 and a 200-day simple moving average of $51.60. The stock has a market capitalization of $4.33 billion, a P/E ratio of 14.19, a PEG ratio of 1.13 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

Avnet (NASDAQ:AVT - Get Free Report) last released 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, analysts forecast 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. Investors of record on Wednesday, March 5th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's payout ratio is 37.39%.

About Avnet

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.