CIBC Private Wealth Group LLC Has $250,000 Position in Avnet, Inc. (NASDAQ:AVT)

CIBC Private Wealth Group LLC boosted its stake in Avnet, Inc. (NASDAQ:AVT) by 36.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,830 shares of the company’s stock after purchasing an additional 1,297 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Avnet were worth $250,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Synergy Investment Management LLC bought a new position in shares of Avnet during the 4th quarter worth about $38,000. Principal Securities Inc. raised 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 buying an additional 211 shares during the period. Harvest Fund Management Co. Ltd raised its stake in Avnet by 1,768.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock worth $113,000 after buying an additional 2,051 shares during the period. GAMMA Investing LLC boosted its holdings in Avnet by 18.6% in the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after acquiring an additional 341 shares in the last quarter. Finally, KBC Group NV grew its stake in Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after acquiring an additional 1,200 shares during the period. 95.78% of the stock is owned by institutional investors.

Avnet Stock Down 4.6 %

Shares of NASDAQ:AVT opened at $42.26 on Monday. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.13 and a beta of 1.04. The business’s 50 day moving average is $49.57 and its 200 day moving average is $52.35. Avnet, Inc. has a 12-month low of $40.93 and a 12-month high of $59.24. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, sell-side analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 3.12%. Avnet’s dividend payout ratio is currently 37.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and cut their target price for the stock 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 research note on Thursday, January 30th.

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.