Avnet, Inc. (NASDAQ:AVT) Shares Bought by Northern Trust Corp

Northern Trust Corp lifted its position in shares of Avnet, Inc. (NASDAQ:AVT) by 25.2% during the fourth quarter, HoldingsChannel reports. The fund owned 895,927 shares of the company’s stock after acquiring an additional 180,134 shares during the quarter. Northern Trust Corp’s holdings in Avnet were worth $46,875,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. grew its stake in shares of Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after purchasing an additional 148,588 shares during the period. JPMorgan Chase & Co. boosted its holdings in Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock worth $13,213,000 after buying an additional 28,453 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Avnet by 16.8% during the fourth quarter. Nisa Investment Advisors LLC now owns 54,221 shares of the company’s stock worth $2,837,000 after buying an additional 7,800 shares during the period. Park Avenue Securities LLC increased its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock valued at $312,000 after buying an additional 1,101 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Avnet by 87.6% during the 3rd quarter. Barclays PLC now owns 91,842 shares of the company’s stock valued at $4,988,000 after acquiring an additional 42,880 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on AVT shares. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial cut their target price on shares of Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Finally, Wells Fargo & Company lowered their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st.

Avnet Trading Up 1.9 %

Shares of AVT stock opened at $50.62 on Friday. The company has a market capitalization of $4.38 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 1.13 and a beta of 0.98. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $47.76 and a 200 day moving average price of $51.24. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the previous year, the business posted $1.10 earnings per share. The company’s revenue was down 6.0% on a year-over-year basis. Research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.61%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 36.97%.

Avnet 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.