Federated Hermes Inc. Acquires 15,260 Shares of Avnet, Inc. (NASDAQ:AVT)

Federated Hermes Inc. lifted its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 32.6% during the fourth quarter, HoldingsChannel reports. The firm owned 62,119 shares of the company’s stock after acquiring an additional 15,260 shares during the quarter. Federated Hermes Inc.’s holdings in Avnet were worth $3,250,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of AVT. Barclays PLC boosted its stake in Avnet by 87.6% in the 3rd quarter. Barclays PLC now owns 91,842 shares of the company’s stock worth $4,988,000 after purchasing an additional 42,880 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Avnet by 5.1% in the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock valued at $246,000 after purchasing an additional 222 shares in the last quarter. World Investment Advisors LLC acquired a new position in shares of Avnet during the third quarter worth about $378,000. Tidal Investments LLC grew its holdings in shares of Avnet by 9.0% during the third quarter. Tidal Investments LLC now owns 13,547 shares of the company’s stock worth $736,000 after buying an additional 1,118 shares in the last quarter. Finally, Synovus Financial Corp raised its position in Avnet by 9.8% in the 3rd quarter. Synovus Financial Corp now owns 9,460 shares of the company’s stock valued at $514,000 after buying an additional 843 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Truist Financial reduced 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 downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Stock Up 2.1 %

NASDAQ:AVT opened at $45.66 on Friday. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a market capitalization of $3.95 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. 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 stock’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $51.93.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates 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 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.89%. Avnet’s dividend payout ratio (DPR) is currently 37.39%.

About Avnet

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.