Bahl & Gaynor Inc. Raises Stake in Avnet, Inc. (NASDAQ:AVT)

Bahl & Gaynor Inc. raised its stake in Avnet, Inc. (NASDAQ:AVT) by 12.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 491,737 shares of the company’s stock after acquiring an additional 54,102 shares during the period. Bahl & Gaynor Inc.’s holdings in Avnet were worth $25,728,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in AVT. Principal Securities Inc. grew its position in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after buying an additional 211 shares during the period. Coldstream Capital Management Inc. raised its stake in Avnet by 5.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock valued at $246,000 after buying an additional 222 shares during the last quarter. Highland Capital Management LLC increased its position in shares of Avnet by 6.6% during the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock valued at $222,000 after purchasing an additional 261 shares during the last quarter. GAMMA Investing LLC raised its position in Avnet by 18.6% in the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after acquiring an additional 341 shares during the period. Finally, Transcend Capital Advisors LLC lifted its position in Avnet by 2.3% during the fourth quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company’s stock valued at $871,000 after purchasing an additional 381 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. 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 report on Thursday, January 30th. Truist Financial reduced their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th.

Avnet Trading Down 2.7 %

AVT stock opened at $49.17 on Tuesday. The company’s 50-day simple moving average is $51.93 and its 200-day simple moving average is $53.19. Avnet, Inc. has a 52-week low of $45.50 and a 52-week high of $59.24. The firm has a market cap of $4.25 billion, a P/E ratio of 13.93, a PEG ratio of 1.13 and a beta of 1.13. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date is Wednesday, March 5th. Avnet’s dividend payout ratio is currently 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.