Proficio Capital Partners LLC Makes New Investment in Avnet, Inc. (NASDAQ:AVT)

Proficio Capital Partners LLC acquired a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 45,989 shares of the company's stock, valued at approximately $2,406,000. Proficio Capital Partners LLC owned 0.05% of Avnet at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. FMR LLC increased its position in Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company's stock worth $31,326,000 after acquiring an additional 114,217 shares during the period. Harbor Capital Advisors Inc. increased its position in Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company's stock worth $11,197,000 after acquiring an additional 148,588 shares during the period. Weiss Asset Management LP increased its position in Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company's stock worth $13,829,000 after acquiring an additional 66,973 shares during the period. JPMorgan Chase & Co. increased its position in Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company's stock worth $13,213,000 after acquiring an additional 28,453 shares during the period. Finally, Park Avenue Securities LLC increased its position in Avnet by 22.6% during the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company's stock worth $312,000 after acquiring an additional 1,101 shares during the period. 95.78% of the stock is owned by institutional investors.

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Avnet Price Performance

Shares of AVT traded down $1.16 during mid-day trading on Friday, reaching $46.99. The company had a trading volume of 7,683,702 shares, compared to its average volume of 653,387. The company's 50 day simple moving average is $50.80 and its 200 day simple moving average is $52.59. Avnet, Inc. has a 1-year low of $46.24 and a 1-year 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 company has a market capitalization of $4.06 billion, a price-to-earnings ratio of 13.31, a P/E/G 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 earnings per share 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%. Analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.81%. Avnet's dividend payout ratio is presently 37.39%.

Analysts Set New Price Targets

A number of brokerages have issued reports 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 shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their price objective 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.