Gotham Asset Management LLC Acquires 80,731 Shares of Avnet, Inc. (NASDAQ:AVT)

Gotham Asset Management LLC increased its position in Avnet, Inc. (NASDAQ:AVT) by 74.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,561 shares of the company’s stock after buying an additional 80,731 shares during the quarter. Gotham Asset Management LLC owned 0.22% of Avnet worth $9,866,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. GeoWealth Management LLC bought a new stake in Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC bought a new stake in Avnet in the 4th quarter worth approximately $38,000. Natixis lifted its position in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after buying an additional 688 shares during the last quarter. Bessemer Group Inc. lifted its position in Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after buying an additional 827 shares during the last quarter. Finally, Principal Securities Inc. lifted its position in 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 last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of AVT stock opened at $50.40 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The stock has a 50 day moving average price of $47.80 and a two-hundred day moving average price of $51.17. The company has a market capitalization of $4.23 billion, a P/E ratio of 14.28, a PEG ratio of 1.13 and a beta of 0.98.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.12. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.25 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The business’s revenue was down 6.0% on a year-over-year basis. Analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently announced 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 2.62%. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVT. Wells Fargo & Company dropped their target price on Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research report on Thursday, May 1st. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Finally, Truist Financial lowered their price objective on Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, May 1st.

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.