Alliancebernstein L.P. Has $86.73 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Alliancebernstein L.P. trimmed its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,657,617 shares of the company’s stock after selling 66,307 shares during the quarter. Alliancebernstein L.P. owned approximately 1.92% of Avnet worth $86,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC lifted its position in shares of Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares during the period. Captrust Financial Advisors raised its stake in Avnet by 10.0% during the third quarter. Captrust Financial Advisors now owns 12,717 shares of the company’s stock worth $691,000 after buying an additional 1,158 shares during the last quarter. Verition Fund Management LLC lifted its holdings in Avnet by 206.2% in the third quarter. Verition Fund Management LLC now owns 18,798 shares of the company’s stock valued at $1,021,000 after buying an additional 12,659 shares during the period. Hilltop Holdings Inc. boosted its position in Avnet by 14.9% during the third quarter. Hilltop Holdings Inc. now owns 4,688 shares of the company’s stock valued at $255,000 after acquiring an additional 607 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in Avnet by 20.2% during the 3rd quarter. Quantinno Capital Management LP now owns 96,218 shares of the company’s stock worth $5,226,000 after acquiring an additional 16,154 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVT shares. Truist Financial cut their target price on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock 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 target for the stock from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Price Performance

AVT stock opened at $44.31 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The company’s 50-day moving average is $49.81 and its 200-day moving average is $52.40. The stock has a market capitalization of $3.83 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a 1 year low of $44.29 and a 1 year high of $59.24.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. Equities research analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.98%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

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.