KLP Kapitalforvaltning AS Buys Shares of 22,800 Avnet, Inc. (NASDAQ:AVT)

KLP Kapitalforvaltning AS bought a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 22,800 shares of the company's stock, valued at approximately $1,193,000.

Several other institutional investors and hedge funds have also made changes to their positions in AVT. Principal Securities Inc. boosted its position in 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 last quarter. Coldstream Capital Management Inc. grew its stake in Avnet by 5.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company's stock valued at $246,000 after purchasing an additional 222 shares in the last quarter. Highland Capital Management LLC increased its holdings in Avnet by 6.6% during the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock worth $222,000 after purchasing an additional 261 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock valued at $114,000 after purchasing an additional 341 shares in the last quarter. Finally, Transcend Capital Advisors LLC grew its position in shares of Avnet by 2.3% during the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company's stock worth $871,000 after buying an additional 381 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

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Avnet Stock Performance

Avnet stock traded down $3.98 during mid-day trading on Thursday, reaching $44.31. The company's stock had a trading volume of 1,490,043 shares, compared to its average volume of 700,946. 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, Inc. has a twelve month low of $44.29 and a twelve month high of $59.24. The business has a 50 day moving average price of $49.81 and a 200-day moving average price of $52.40. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 EPS 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%. Sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared 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 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is 37.39%.

Analysts Set New Price Targets

A number of research firms have commented on AVT. Truist Financial reduced their price objective on shares of 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 downgraded Avnet from a "neutral" rating to an "underperform" rating and decreased their price target for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th.

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.