Synergy Investment Management LLC Takes Position in Avnet, Inc. (NASDAQ:AVT)

Synergy Investment Management LLC acquired a new stake in Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 722 shares of the company’s stock, valued at approximately $38,000.

Several other hedge funds also recently modified their holdings of AVT. Capital Performance Advisors LLP bought a new position in shares of Avnet in the 3rd quarter valued at about $51,000. Principal Securities Inc. grew 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. GAMMA Investing LLC grew its holdings in shares of Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after acquiring an additional 341 shares in the last quarter. KBC Group NV grew its holdings in shares of Avnet by 55.7% in the 4th 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 in the last quarter. Finally, Longboard Asset Management LP bought a new position in shares of Avnet in the 4th quarter valued at about $207,000. Institutional investors own 95.78% of the company’s stock.

Avnet Trading Up 1.0 %

Shares of AVT stock opened at $49.09 on Thursday. The firm has a 50 day moving average price of $51.74 and a two-hundred day moving average price of $53.13. 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 company has a market capitalization of $4.25 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 12-month low of $45.50 and a 12-month high of $59.24.

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

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.69%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial reduced their price target on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a 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.