Avnet, Inc. (NASDAQ:AVT) Shares Sold by AIA Group Ltd

AIA Group Ltd lowered its holdings in Avnet, Inc. (NASDAQ:AVT) by 4.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,649 shares of the company’s stock after selling 1,376 shares during the period. AIA Group Ltd’s holdings in Avnet were worth $1,394,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Greenhaven Associates Inc. boosted its position in Avnet by 1.0% during the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock worth $207,336,000 after purchasing an additional 38,185 shares during the period. American Century Companies Inc. boosted its position in shares of Avnet by 2.1% in the fourth 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 during the period. Pacer Advisors Inc. raised its holdings in shares of Avnet by 11,848.6% during the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after buying an additional 2,816,889 shares during the period. Bank of New York Mellon Corp lifted its position in Avnet by 4.1% during the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company’s stock worth $58,426,000 after acquiring an additional 43,547 shares in the last quarter. Finally, Norges Bank purchased a new position in Avnet in the 4th quarter worth approximately $52,924,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

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

Avnet Price Performance

AVT stock opened at $48.09 on Tuesday. The company has a market capitalization of $4.16 billion, a PE ratio of 13.62, a P/E/G ratio of 1.13 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average is $50.27 and its two-hundred day moving average is $52.50. Avnet, Inc. has a 52-week low of $46.24 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (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%. Analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal 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 paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.74%. Avnet’s dividend payout ratio (DPR) 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.