River Global Investors LLP Has $920,000 Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

River Global Investors LLP lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 32.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 18,251 shares of the company’s stock after selling 8,706 shares during the period. River Global Investors LLP’s holdings in Avnet were worth $920,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in AVT. Invesco Ltd. boosted its stake in Avnet by 51.2% during the 3rd quarter. Invesco Ltd. now owns 1,521,195 shares of the company’s stock valued at $73,306,000 after purchasing an additional 515,095 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Avnet by 971.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 437,210 shares of the company’s stock valued at $21,069,000 after purchasing an additional 396,405 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Avnet by 586.5% during the 3rd quarter. Victory Capital Management Inc. now owns 259,092 shares of the company’s stock valued at $12,486,000 after purchasing an additional 221,353 shares during the last quarter. Tudor Investment Corp Et Al boosted its stake in shares of Avnet by 212.8% in the 3rd quarter. Tudor Investment Corp Et Al now owns 228,857 shares of the company’s stock worth $11,029,000 after buying an additional 155,685 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Avnet by 5.3% in the 3rd quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock worth $148,303,000 after buying an additional 154,700 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on AVT shares. Truist Financial dropped their price target on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a report on Thursday. The Goldman Sachs Group lowered their target price on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat, Avnet has a consensus rating of “Hold” and an average target price of $45.00.

Avnet Stock Performance

Avnet stock traded up $0.77 during trading on Friday, hitting $49.41. The stock had a trading volume of 746,177 shares, compared to its average volume of 581,849. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48. The stock’s 50 day moving average is $47.92 and its two-hundred day moving average is $47.40. Avnet, Inc. has a 1 year low of $40.44 and a 1 year high of $51.65. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 8.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.21.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.71 billion. During the same period in the prior year, the company earned $2.00 EPS. The firm’s quarterly revenue was down 13.2% on a year-over-year basis. As a group, analysts predict that Avnet, Inc. will post 5.19 EPS for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.51%. Avnet’s payout ratio is 20.06%.

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.