River Road Asset Management LLC Has $9 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

River Road Asset Management LLC boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 3.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 172,044 shares of the company’s stock after purchasing an additional 4,991 shares during the quarter. River Road Asset Management LLC’s holdings in Avnet were worth $9,001,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVT. Synergy Investment Management LLC bought a new position in Avnet in the 4th quarter valued at about $38,000. Principal Securities Inc. lifted its holdings in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after acquiring an additional 211 shares during the period. GAMMA Investing LLC boosted its position in shares of 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 acquiring an additional 341 shares in the last quarter. KBC Group NV increased its stake in Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in Avnet in the third quarter valued at approximately $209,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Trading Down 3.2 %

Shares of Avnet stock opened at $47.98 on Wednesday. The firm’s 50 day moving average is $51.46 and its 200 day moving average is $52.95. The firm has a market capitalization of $4.15 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 1 year low of $45.50 and a 1 year high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. Equities 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 announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s payout ratio is 37.39%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVT shares. Bank of America cut 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 note on Thursday, January 30th. Truist Financial dropped their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th.

About Avnet

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.