Resona Asset Management Co. Ltd. Invests $837,000 in Avnet, Inc. (NASDAQ:AVT)

Resona Asset Management Co. Ltd. purchased a new stake in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 15,999 shares of the company's stock, valued at approximately $837,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thoroughbred Financial Services LLC purchased a new stake in shares of Avnet in the 4th quarter valued at approximately $219,000. Foundry Partners LLC purchased a new position in Avnet in the 4th quarter valued at approximately $7,046,000. Atlas Capital Advisors Inc. grew its stake in shares of Avnet by 5.1% in the fourth quarter. Atlas Capital Advisors Inc. now owns 10,645 shares of the company's stock worth $557,000 after acquiring an additional 518 shares in the last quarter. World Investment Advisors increased its position in shares of Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company's stock worth $378,000 after acquiring an additional 255 shares during the period. Finally, Headlands Technologies LLC purchased a new position in shares of Avnet in the 4th quarter valued at about $146,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Wall Street Analysts Forecast Growth

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

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Avnet Stock Performance

Shares of NASDAQ AVT traded up $0.15 during trading hours on Wednesday, reaching $46.59. The stock had a trading volume of 72,202 shares, compared to its average volume of 722,514. The firm has a 50-day moving average of $48.35 and a 200-day moving average of $51.82. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.13 and a beta of 1.04. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data 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%. Equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were paid 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 dividend yield of 2.83%. Avnet's dividend payout ratio (DPR) is 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.