Kendall Capital Management Grows Stock Position in Avnet, Inc. (NASDAQ:AVT)

Kendall Capital Management raised its stake in Avnet, Inc. (NASDAQ:AVT) by 4.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 133,205 shares of the company’s stock after buying an additional 6,200 shares during the period. Avnet comprises about 2.0% of Kendall Capital Management’s portfolio, making the stock its 6th biggest position. Kendall Capital Management owned 0.15% of Avnet worth $6,969,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC boosted 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 valued at $31,326,000 after purchasing an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after purchasing an additional 148,588 shares in the last quarter. Weiss Asset Management LP boosted its position in shares of Avnet by 35.7% during the 3rd quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after purchasing an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Avnet by 13.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after purchasing an additional 28,453 shares in the last quarter. Finally, Park Avenue Securities LLC raised its stake in Avnet by 22.6% during the 4th quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after buying an additional 1,101 shares during the period. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of Avnet stock opened at $50.44 on Friday. The company has a market cap of $4.36 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 52 week low of $45.50 and a 52 week high of $59.24. The business has a 50 day moving average price of $51.60 and a 200-day moving average price of $53.05. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) 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 return on equity of 7.49% and a net margin of 1.41%. Equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s payout ratio is 37.39%.

Analyst Upgrades and Downgrades

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

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.