Harbor Capital Advisors Inc. Grows Position in Avnet, Inc. (NASDAQ:AVT)

Harbor Capital Advisors Inc. raised its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 43.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 65,419 shares of the company's stock after purchasing an additional 19,789 shares during the period. Harbor Capital Advisors Inc. owned 0.07% of Avnet worth $3,553,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Eads & Heald Wealth Management increased its holdings in Avnet by 49.9% in the 3rd quarter. Eads & Heald Wealth Management now owns 11,127 shares of the company's stock worth $604,000 after buying an additional 3,703 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in Avnet by 0.9% in the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company's stock worth $2,890,000 after purchasing an additional 455 shares during the last quarter. DekaBank Deutsche Girozentrale grew its position in Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company's stock worth $200,000 after purchasing an additional 3,015 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Avnet by 318.0% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,897 shares of the company's stock valued at $972,000 after buying an additional 13,615 shares during the period. Finally, Highland Capital Management LLC purchased a new position in shares of Avnet in the 3rd quarter worth $216,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of Avnet from $48.00 to $52.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. Stifel Nicolaus lifted their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company upped their price objective on Avnet from $40.00 to $45.00 and gave the stock an "underweight" rating in a research note on Friday, August 9th.

Avnet Trading Down 1.0 %

NASDAQ:AVT traded down $0.54 during mid-day trading on Monday, hitting $54.00. 751,282 shares of the stock traded hands, compared to its average volume of 600,562. The company has a quick ratio of 1.10, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $4.72 billion, a price-to-earnings ratio of 14.14 and a beta of 1.15. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The firm's 50 day moving average is $53.50 and its two-hundred day moving average is $52.74.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. The company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a return on equity of 8.46% and a net margin of 1.51%. Avnet's quarterly revenue was down 11.5% on a year-over-year basis. During the same period last year, the business posted $1.61 EPS. On average, equities research analysts predict that Avnet, Inc. will post 4.53 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This is an increase from Avnet's previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.44%. Avnet's dividend payout ratio is presently 34.56%.

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.