Vestcor Inc Purchases 6,370 Shares of Avnet, Inc. (NASDAQ:AVT)

Vestcor Inc boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 25.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 31,134 shares of the company's stock after acquiring an additional 6,370 shares during the quarter. Vestcor Inc's holdings in Avnet were worth $1,629,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Synergy Investment Management LLC acquired a new stake in shares of Avnet in the 4th quarter valued at approximately $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 acquiring an additional 211 shares during the period. GAMMA Investing LLC increased its stake in Avnet by 18.6% during the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after purchasing an additional 341 shares in the last quarter. KBC Group NV increased its stake in Avnet by 55.7% during the 4th quarter. KBC Group NV now owns 3,356 shares of the company's stock worth $176,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new stake in Avnet during the 3rd quarter worth approximately $209,000. Institutional investors own 95.78% of the company's stock.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of research reports. Truist Financial lowered 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 lowered their target price for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th.

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Avnet Stock Up 1.5 %

Shares of AVT traded up $0.74 during mid-day trading on Wednesday, hitting $49.34. 726,760 shares of the company's stock were exchanged, compared to its average volume of 739,143. The company has a market cap of $4.27 billion, a PE ratio of 13.98, a P/E/G ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 52 week low of $46.13 and a 52 week high of $59.24. The company has a 50-day simple moving average of $51.01 and a 200 day simple moving average of $52.70. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly 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 return on equity of 7.49% and a net margin of 1.41%. On average, research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.33 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.68%. Avnet's dividend payout ratio 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.