Prudential Financial Inc. Has $363,000 Stock Position in Avnet, Inc. (NASDAQ:AVT)

Prudential Financial Inc. cut its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 80.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,944 shares of the company's stock after selling 28,730 shares during the period. Prudential Financial Inc.'s holdings in Avnet were worth $363,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Principal Securities Inc. grew its position in Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Avnet by 5.1% in the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company's stock worth $246,000 after buying an additional 222 shares during the period. Highland Capital Management LLC grew its holdings in shares of Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock valued at $222,000 after buying an additional 261 shares in the last quarter. GAMMA Investing LLC raised its position in Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock valued at $114,000 after buying an additional 341 shares during the period. Finally, Transcend Capital Advisors LLC lifted its stake in Avnet by 2.3% in the 4th quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company's stock worth $871,000 after acquiring an additional 381 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on AVT. Truist Financial dropped their target price 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 cut shares of Avnet from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Price Performance

NASDAQ AVT traded down $0.10 on Wednesday, reaching $46.35. The company's stock had a trading volume of 38,747 shares, compared to its average volume of 722,348. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The business has a 50-day moving average price of $48.35 and a 200 day moving average price of $51.82. The firm has a market cap of $4.01 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced 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%. Sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.85%. The ex-dividend date was Wednesday, March 5th. Avnet's payout ratio is 37.39%.

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.