Wells Fargo & Company MN Has $15.64 Million Position in Avnet, Inc. (NASDAQ:AVT)

Wells Fargo & Company MN decreased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 25.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 298,850 shares of the company’s stock after selling 101,063 shares during the quarter. Wells Fargo & Company MN owned approximately 0.35% of Avnet worth $15,636,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Synergy Investment Management LLC bought a new stake in shares of Avnet during the fourth quarter worth approximately $38,000. Principal Securities Inc. raised its position in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after acquiring an additional 211 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its stake in shares of Avnet by 1,768.1% in the 4th quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock valued at $113,000 after purchasing an additional 2,051 shares during the period. GAMMA Investing LLC lifted its stake 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 purchasing an additional 341 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Avnet in the 4th quarter worth $146,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AVT. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial reduced 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 Trading Up 1.3 %

NASDAQ AVT opened at $46.25 on Tuesday. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The firm has a market cap of $4.00 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.13 and a beta of 1.04. The stock’s 50-day moving average is $48.43 and its 200-day moving average is $51.86.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. Sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued 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 2.85%. Avnet’s dividend payout ratio (DPR) is 37.39%.

Avnet Company 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.