Raymond James Financial Inc. Purchases New Holdings in Avnet, Inc. (NASDAQ:AVT)

Raymond James Financial Inc. purchased a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 624,551 shares of the company's stock, valued at approximately $32,676,000. Raymond James Financial Inc. owned 0.72% of Avnet at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of AVT. Synergy Investment Management LLC acquired a new position in Avnet in the 4th quarter worth $38,000. Principal Securities Inc. raised its position in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after purchasing an additional 211 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Avnet by 30.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company's stock valued at $76,000 after buying an additional 340 shares during the last quarter. Harvest Fund Management Co. Ltd grew its position in shares of Avnet by 1,768.1% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company's stock worth $113,000 after buying an additional 2,051 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock valued at $114,000 after purchasing an additional 341 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Avnet Price Performance

Avnet stock traded down $0.67 during mid-day trading on Monday, hitting $46.53. 372,883 shares of the company were exchanged, compared to its average volume of 897,599. 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 company has a market capitalization of $4.03 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The business has a fifty day moving average of $48.17 and a 200 day moving average of $51.67. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last released its 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 net margin of 1.41% and a return on equity of 7.49%. As a group, sell-side analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

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 $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date was Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is currently 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.