Kovitz Investment Group Partners LLC Cuts Stake in Avnet, Inc. (NASDAQ:AVT)

Kovitz Investment Group Partners LLC cut its position in Avnet, Inc. (NASDAQ:AVT) by 14.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 20,733 shares of the company’s stock after selling 3,475 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Avnet were worth $1,085,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVT. GeoWealth Management LLC purchased a new position in shares of Avnet during the fourth quarter valued at approximately $31,000. Synergy Investment Management LLC bought a new stake in Avnet in the 4th quarter worth approximately $38,000. Natixis raised its stake in Avnet by 1,463.8% during the 4th quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after buying an additional 688 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Avnet by 621.8% during the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock valued at $50,000 after buying an additional 827 shares during the period. Finally, Principal Securities Inc. boosted its stake in shares of 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.

Wall Street Analysts Forecast Growth

AVT has been the topic of a number of recent research reports. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial dropped 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.

Avnet Stock Performance

NASDAQ:AVT opened at $51.24 on Wednesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. The stock has a 50-day simple moving average of $48.01 and a two-hundred day simple moving average of $51.48. The firm has a market capitalization of $4.43 billion, a PE ratio of 14.52, a P/E/G ratio of 1.13 and a beta of 1.04. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (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%. Analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.33 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.58%. Avnet’s 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.