Martingale Asset Management L P Invests $299,000 in Avnet, Inc. (NASDAQ:AVT)

Martingale Asset Management L P acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,717 shares of the company's stock, valued at approximately $299,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. lifted its holdings 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 purchasing an additional 2,816,889 shares during the last quarter. Norges Bank acquired a new stake in shares of Avnet in the 4th quarter worth about $52,924,000. Raymond James Financial Inc. acquired a new position in Avnet during the 4th quarter valued at about $32,676,000. Russell Investments Group Ltd. increased its stake in shares of Avnet by 61.3% in the fourth quarter. Russell Investments Group Ltd. now owns 399,593 shares of the company's stock valued at $20,906,000 after purchasing an additional 151,821 shares during the period. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company's stock valued at $11,197,000 after buying an additional 148,588 shares during the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Price Performance

NASDAQ AVT traded up $0.69 on Friday, reaching $47.20. The company's stock had a trading volume of 943,579 shares, compared to its average volume of 729,517. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. 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 firm's 50 day moving average is $48.17 and its two-hundred day moving average is $51.69. The stock has a market cap of $4.08 billion, a PE ratio of 13.37, a PEG ratio of 1.13 and a beta of 1.04.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data 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%. As a group, sell-side analysts predict that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. 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%.

Analysts Set New Price Targets

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