Avnet, Inc. (NASDAQ:AVT) Shares Sold by AGF Management Ltd.

AGF Management Ltd. lowered its position in shares of Avnet, Inc. (NASDAQ:AVT) by 20.9% during the fourth quarter, HoldingsChannel reports. The firm owned 47,466 shares of the company’s stock after selling 12,505 shares during the period. AGF Management Ltd.’s holdings in Avnet were worth $2,483,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Pacer Advisors Inc. raised its position in shares of Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after purchasing an additional 2,816,889 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Avnet in the fourth quarter worth $32,676,000. Hotchkis & Wiley Capital Management LLC raised its holdings in Avnet by 204.6% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock valued at $37,489,000 after acquiring an additional 463,660 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after acquiring an additional 148,588 shares during the last quarter. Finally, FMR LLC boosted its stake in Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock valued at $31,326,000 after acquiring an additional 114,217 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on AVT shares. Truist Financial dropped their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Trading Down 0.6 %

Avnet stock opened at $46.61 on Friday. Avnet, Inc. has a 1 year low of $45.50 and a 1 year high of $59.24. The firm’s 50-day moving average is $51.35 and its 200-day moving average is $52.91. 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 $4.03 billion, a P/E ratio of 13.20, a PEG ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 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%. On average, equities analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.83%. Avnet’s dividend payout ratio is presently 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.