Steward Partners Investment Advisory LLC Purchases 26,772 Shares of Avnet, Inc. (NASDAQ:AVT)

Steward Partners Investment Advisory LLC grew its position in shares of Avnet, Inc. (NASDAQ:AVT) by 57.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 73,270 shares of the company’s stock after acquiring an additional 26,772 shares during the quarter. Steward Partners Investment Advisory LLC owned about 0.08% of Avnet worth $3,833,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Global Investments bought a new stake in Avnet in the third quarter worth $1,254,000. Capital Performance Advisors LLP bought a new stake in Avnet in the third quarter worth $51,000. Verdence Capital Advisors LLC lifted its position in Avnet by 19.9% in the third quarter. Verdence Capital Advisors LLC now owns 8,414 shares of the company’s stock worth $457,000 after buying an additional 1,398 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Avnet by 5.9% in the third quarter. Crossmark Global Holdings Inc. now owns 223,667 shares of the company’s stock worth $12,147,000 after buying an additional 12,448 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its position in Avnet by 3.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 36,052 shares of the company’s stock worth $1,958,000 after buying an additional 1,210 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AVT. Truist Financial lowered their price target on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Stock Performance

AVT stock opened at $49.15 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $51.65 and its two-hundred day simple moving average is $53.10. Avnet, Inc. has a twelve month low of $45.50 and a twelve month high of $59.24. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 1.13 and a beta of 1.09.

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

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.69%. Avnet’s dividend payout ratio is currently 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.