Russell Investments Group Ltd. Grows Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Russell Investments Group Ltd. raised its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 61.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 399,593 shares of the company's stock after purchasing an additional 151,821 shares during the quarter. Russell Investments Group Ltd. owned 0.46% of Avnet worth $20,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Harbor Capital Advisors Inc. grew its stake in Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company's stock valued at $11,197,000 after acquiring an additional 148,588 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Avnet by 13.2% in the 3rd 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 last quarter. Park Avenue Securities LLC raised its stake in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company's stock valued at $312,000 after purchasing an additional 1,101 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in Avnet by 16.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company's stock worth $2,837,000 after buying an additional 7,800 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Avnet by 87.6% during the 3rd quarter. Barclays PLC now owns 91,842 shares of the company's stock valued at $4,988,000 after buying an additional 42,880 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

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

Avnet Trading Up 0.7 %

Shares of Avnet stock traded up $0.32 during midday trading on Tuesday, reaching $46.57. 167,288 shares of the company's stock traded hands, compared to its average volume of 721,700. The company has a market cap of $4.03 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The stock has a 50 day moving average of $48.43 and a 200-day moving average of $51.86. Avnet, Inc. has a 12 month low of $39.22 and a 12 month 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.

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

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.83%. Avnet's dividend payout ratio is currently 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.