Avnet, Inc. (NASDAQ:AVT) Stock Holdings Lifted by Highland Capital Management LLC

Highland Capital Management LLC lifted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 6.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,234 shares of the company’s stock after acquiring an additional 261 shares during the quarter. Highland Capital Management LLC’s holdings in Avnet were worth $222,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of AVT. Capital Performance Advisors LLP acquired a new stake in shares of Avnet in the third quarter worth $51,000. GAMMA Investing LLC boosted its position in Avnet by 20.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock worth $100,000 after acquiring an additional 309 shares during the period. KBC Group NV grew its stake in Avnet by 55.7% during 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. DekaBank Deutsche Girozentrale lifted its position in shares of Avnet by 442.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock worth $200,000 after purchasing an additional 3,015 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of Avnet during the third quarter worth approximately $209,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVT has been the subject of several recent research reports. Truist Financial cut their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday. Bank of America lowered shares of 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 report on Thursday. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus target price of $48.40.

Avnet Stock Performance

AVT opened at $51.66 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The company has a market cap of $4.49 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14. The stock has a 50-day moving average of $53.35 and a 200-day moving average of $53.45. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.44% and a net margin of 1.41%. As a group, equities research analysts forecast that Avnet, Inc. will post 4.1 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.56%. The ex-dividend date was Wednesday, December 4th. Avnet’s dividend payout ratio 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.