Geode Capital Management LLC Has $81.70 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Geode Capital Management LLC lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 0.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,552,705 shares of the company’s stock after selling 14,127 shares during the quarter. Geode Capital Management LLC’s holdings in Avnet were worth $81,698,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Securities Inc. boosted its stake in Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after acquiring an additional 211 shares during the last quarter. Coldstream Capital Management Inc. boosted its position in shares of Avnet by 5.1% during the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock worth $246,000 after purchasing an additional 222 shares in the last quarter. Highland Capital Management LLC grew its holdings in shares of Avnet by 6.6% in the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock valued at $222,000 after buying an additional 261 shares during the period. GAMMA Investing LLC increased its position in shares of Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after buying an additional 341 shares in the last quarter. Finally, Transcend Capital Advisors LLC increased its position in shares of Avnet by 2.3% in the 4th quarter. Transcend Capital Advisors LLC now owns 16,652 shares of the company’s stock valued at $871,000 after buying an additional 381 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on AVT shares. Bank of America cut 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 note on Thursday, January 30th. Truist Financial decreased their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th.

Avnet Trading Down 3.6 %

AVT opened at $44.74 on Friday. The stock has a market capitalization of $3.87 billion, a P/E ratio of 12.67, a P/E/G ratio of 1.13 and a beta of 1.04. 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 12 month low of $39.22 and a 12 month high of $59.24. The firm’s fifty day simple moving average is $48.60 and its 200 day simple moving average is $51.98.

Avnet (NASDAQ:AVT) last issued its quarterly 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, research analysts anticipate 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. Stockholders 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 annualized dividend and a dividend yield of 2.95%. Avnet’s dividend payout ratio 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.