Vestcor Inc Increases Holdings in Avnet, Inc. (NASDAQ:AVT)

Vestcor Inc grew its holdings in Avnet, Inc. (NASDAQ:AVT) by 25.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,134 shares of the company’s stock after acquiring an additional 6,370 shares during the period. Vestcor Inc’s holdings in Avnet were worth $1,629,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Synergy Investment Management LLC purchased a new stake in shares of Avnet in the fourth quarter worth about $38,000. Principal Securities Inc. lifted its position in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after buying an additional 211 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Avnet by 18.6% in the fourth 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. KBC Group NV lifted its position in shares of Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock worth $176,000 after buying an additional 1,200 shares in the last quarter. Finally, Longboard Asset Management LP purchased a new stake in shares of Avnet in the fourth quarter worth about $207,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on AVT shares. 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 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 note on Thursday, January 30th.

Avnet Trading Up 2.5 %

Shares of NASDAQ AVT opened at $47.79 on Friday. The business’s 50 day moving average is $51.17 and its two-hundred day moving average is $52.82. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 1-year low of $45.50 and a 1-year high of $59.24. The stock has a market capitalization of $4.13 billion, a P/E ratio of 13.54, a PEG ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data 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 return on equity of 7.49% and a net margin of 1.41%. As a group, research analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.76%. Avnet’s dividend payout ratio is 37.39%.

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.