Bank of New York Mellon Corp Increases Holdings in Avnet, Inc. (NASDAQ:AVT)

Bank of New York Mellon Corp boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 4.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,116,697 shares of the company’s stock after purchasing an additional 43,547 shares during the period. Bank of New York Mellon Corp owned about 1.28% of Avnet worth $58,426,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Greenhaven Associates Inc. boosted its position in Avnet by 1.0% during the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock valued at $207,336,000 after acquiring an additional 38,185 shares in the last quarter. Pacer Advisors Inc. boosted its position in Avnet by 11,848.6% during the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after acquiring an additional 2,816,889 shares in the last quarter. Allianz Asset Management GmbH boosted its position in Avnet by 2.3% during the 4th quarter. Allianz Asset Management GmbH now owns 873,340 shares of the company’s stock valued at $45,693,000 after acquiring an additional 19,331 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Avnet by 204.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock valued at $37,489,000 after acquiring an additional 463,660 shares in the last quarter. Finally, FMR LLC boosted its position in Avnet by 24.7% during the 3rd 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. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on AVT. Truist Financial cut their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Stock Performance

Shares of AVT opened at $48.58 on Wednesday. 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 business’s 50 day moving average price is $51.83 and its 200-day moving average price is $53.15. Avnet, Inc. has a 52 week low of $45.50 and a 52 week high of $59.24. The stock has a market cap of $4.20 billion, a P/E ratio of 13.76, a P/E/G ratio of 1.13 and a beta of 1.13.

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

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a $0.33 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.72%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Avnet 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.