Avnet, Inc. (NASDAQ:AVT) Shares Acquired by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. increased its stake in Avnet, Inc. (NASDAQ:AVT) by 10.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 237,429 shares of the company’s stock after acquiring an additional 23,422 shares during the period. Harbor Capital Advisors Inc.’s holdings in Avnet were worth $11,418,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. GeoWealth Management LLC purchased a new stake in Avnet during the fourth quarter worth approximately $31,000. Synergy Investment Management LLC purchased a new stake in Avnet during the fourth quarter worth approximately $38,000. Natixis grew its stake in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after buying an additional 688 shares during the period. Curat Global LLC purchased a new stake in Avnet during the first quarter worth approximately $42,000. Finally, Bessemer Group Inc. lifted its position in shares of Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after purchasing an additional 827 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of recent research reports. Wells Fargo & Company reduced their target price 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. Truist Financial reduced their target price on shares of Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st.

Insider Activity at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $52.80, for a total transaction of $211,200.00. Following the sale, the vice president now directly owns 14,626 shares of the company’s stock, valued at approximately $772,252.80. This represents a 21.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Avnet Trading Up 1.1%

NASDAQ AVT opened at $51.56 on Tuesday. The stock has a market cap of $4.32 billion, a P/E ratio of 14.61, a PEG ratio of 1.13 and a beta of 1.02. The company’s fifty day simple moving average is $48.87 and its 200-day simple moving average is $50.64. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $5.25 billion. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.10 earnings per share. Equities research analysts predict that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.33 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.32 annualized dividend and a yield of 2.56%. Avnet’s dividend payout ratio is presently 36.97%.

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.