Wells Fargo & Company MN Reduces Stake in Avnet, Inc. (NASDAQ:AVT)

Wells Fargo & Company MN lowered its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 25.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 298,850 shares of the company's stock after selling 101,063 shares during the period. Wells Fargo & Company MN owned approximately 0.35% of Avnet worth $15,636,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Greenhaven Associates Inc. raised its stake in Avnet by 1.0% during the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock valued at $207,336,000 after buying an additional 38,185 shares during the last quarter. American Century Companies Inc. increased its stake in Avnet by 2.1% in the 4th quarter. American Century Companies Inc. now owns 3,502,425 shares of the company's stock worth $183,247,000 after buying an additional 72,715 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock worth $148,623,000 after buying an additional 2,816,889 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Avnet by 4.1% during the fourth quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company's stock valued at $58,426,000 after buying an additional 43,547 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Avnet in the 4th quarter worth $52,924,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Avnet Stock Performance

Avnet stock traded up $0.69 during midday trading on Friday, hitting $47.20. 943,579 shares of the company were exchanged, compared to its average volume of 730,755. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The firm has a market capitalization of $4.08 billion, a PE ratio of 13.37, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The business has a fifty day simple moving average of $48.17 and a two-hundred day simple moving average of $51.68. 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 issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 EPS 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%. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend was Wednesday, March 5th. 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.