Transcend Capital Advisors LLC Raises Stock Position in Avnet, Inc. (NASDAQ:AVT)

Transcend Capital Advisors LLC lifted its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.3% during the 4th quarter, Holdings Channel reports. The firm owned 16,652 shares of the company’s stock after buying an additional 381 shares during the period. Transcend Capital Advisors LLC’s holdings in Avnet were worth $871,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AVT. FMR LLC raised its stake in shares of Avnet by 24.7% in the third quarter. FMR LLC now owns 576,794 shares of the company’s stock valued at $31,326,000 after acquiring an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Avnet by 227.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after purchasing an additional 148,588 shares in the last quarter. Weiss Asset Management LP raised its holdings in Avnet by 35.7% in the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after acquiring an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Avnet by 13.2% in the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after acquiring an additional 28,453 shares in the last quarter. Finally, Park Avenue Securities LLC raised its holdings in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock valued at $312,000 after acquiring an additional 1,101 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Down 1.3 %

AVT stock opened at $51.85 on Friday. 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 twelve month low of $45.45 and a twelve month high of $59.24. The company’s 50 day moving average is $52.20 and its two-hundred day moving average is $53.27. The stock has a market cap of $4.49 billion, a P/E ratio of 14.69, a PEG ratio of 1.15 and a beta of 1.13.

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 return on equity of 7.49% and a net margin of 1.41%. Research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is currently 37.39%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on AVT. 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 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 company from $58.00 to $48.00 in a research note on Thursday, January 30th.

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.