Avnet, Inc. (NASDAQ:AVT) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 3.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 234,972 shares of the company's stock after selling 8,323 shares during the quarter. JPMorgan Chase & Co. owned about 0.27% of Avnet worth $12,294,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial reduced their price target on shares of Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a research report on Thursday, January 30th. Bank of America lowered shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Stock Up 1.5 %

AVT stock traded up $0.69 during mid-day trading on Friday, reaching $47.20. The company had a trading volume of 943,579 shares, compared to its average volume of 729,517. The firm has a fifty day simple moving average of $48.17 and a 200 day simple moving average of $51.69. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

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

Avnet Announces Dividend

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 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio is presently 37.39%.

Avnet 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.