Steward Partners Investment Advisory LLC Increases Stake in Avnet, Inc. (NASDAQ:AVT)

Steward Partners Investment Advisory LLC boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 57.6% during the fourth quarter, Holdings Channel.com reports. The firm owned 73,270 shares of the company’s stock after purchasing an additional 26,772 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Avnet were worth $3,833,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in Avnet during the third quarter valued at about $51,000. Principal Securities Inc. boosted its position in Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after purchasing an additional 211 shares in the last quarter. GAMMA Investing LLC boosted its position in Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after purchasing an additional 341 shares in the last quarter. KBC Group NV boosted its position in Avnet by 55.7% during the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Longboard Asset Management LP bought a new stake in Avnet during the fourth quarter valued at about $207,000. Institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of NASDAQ AVT opened at $49.15 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The company has a market cap of $4.25 billion, a PE ratio of 13.92, a P/E/G ratio of 1.13 and a beta of 1.09. The business has a 50-day simple moving average of $51.65 and a two-hundred day simple moving average of $53.10. Avnet, Inc. has a fifty-two week low of $45.50 and a fifty-two week high of $59.24.

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

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Investors 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 dividend yield of 2.69%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 37.39%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AVT shares. Truist Financial dropped 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. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th.

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.