Arrowstreet Capital Limited Partnership Trims Stake in Avnet, Inc. (NASDAQ:AVT)

Arrowstreet Capital Limited Partnership lessened its holdings in Avnet, Inc. (NASDAQ:AVT) by 29.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 265,071 shares of the company’s stock after selling 112,895 shares during the period. Arrowstreet Capital Limited Partnership owned 0.31% of Avnet worth $13,869,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Principal Securities Inc. raised its holdings 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 in the last quarter. Coldstream Capital Management Inc. raised its stake in Avnet by 5.1% in the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock valued at $246,000 after purchasing an additional 222 shares in the last quarter. Highland Capital Management LLC lifted its position in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock valued at $222,000 after purchasing an additional 261 shares during the last quarter. GAMMA Investing LLC grew its stake in Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after buying an additional 341 shares in the last quarter. Finally, Transcend Capital Advisors LLC increased its holdings in shares of Avnet by 2.3% in the 4th quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company’s stock worth $871,000 after buying an additional 381 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVT. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial reduced their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th.

Avnet Stock Performance

Avnet stock opened at $42.26 on Friday. The firm has a fifty day simple moving average of $49.57 and a two-hundred day simple moving average of $52.33. Avnet, Inc. has a twelve month low of $40.93 and a twelve month high of $59.24. The company has a market capitalization of $3.66 billion, a PE ratio of 11.97, a P/E/G ratio of 1.13 and a beta of 1.04. 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 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 net margin of 1.41% and a return on equity of 7.49%. Research analysts expect that Avnet, Inc. will post 3.41 EPS 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 issued 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 yield of 3.12%. Avnet’s dividend payout ratio is currently 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.