Vanguard Group Inc. Lowers Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Vanguard Group Inc. decreased its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 0.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,963,795 shares of the company's stock after selling 63,082 shares during the quarter. Vanguard Group Inc. owned approximately 12.67% of Avnet worth $573,626,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC grew its position in shares of Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company's stock worth $31,326,000 after buying an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Avnet by 227.1% in 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 grew its holdings in Avnet by 35.7% during the 3rd 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 in the last quarter. JPMorgan Chase & Co. grew its holdings in Avnet by 13.2% during 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 in the last quarter. Finally, Park Avenue Securities LLC increased its position in Avnet by 22.6% during the 4th 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 during the period. Institutional investors own 95.78% of the company's stock.

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Analyst Upgrades and Downgrades

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

Avnet Stock Down 4.6 %

Shares of NASDAQ AVT traded down $2.05 during trading hours on Friday, hitting $42.26. 1,163,285 shares of the stock were exchanged, compared to its average volume of 704,965. Avnet, Inc. has a 12 month low of $40.93 and a 12 month high of $59.24. The firm has a fifty day moving average price of $49.57 and a 200-day moving average price of $52.34. 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 cap of $3.66 billion, a PE ratio of 11.97, a PEG ratio of 1.13 and a beta of 1.04.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) 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%. On average, sell-side analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The firm also recently declared 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 was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.12%. Avnet's payout ratio is 37.39%.

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.