Norges Bank Invests $52.92 Million in Avnet, Inc. (NASDAQ:AVT)

Norges Bank bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,011,537 shares of the company's stock, valued at approximately $52,924,000. Norges Bank owned about 1.17% of Avnet as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on AVT shares. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and cut their target price for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial decreased 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.

Remove Ads

Avnet Stock Up 11.8 %

AVT stock traded up $4.90 during midday trading on Wednesday, hitting $46.41. The company's stock had a trading volume of 1,817,196 shares, compared to its average volume of 716,514. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24. The firm has a 50-day simple moving average of $48.70 and a 200-day simple moving average of $52.04. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $4.01 billion, a P/E ratio of 13.15, a PEG ratio of 1.13 and a beta of 1.04.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly 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 return on equity of 7.49% and a net margin of 1.41%. As a group, equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.84%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) 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.