Avantax Advisory Services Inc. Acquires New Shares in Avnet, Inc. (NASDAQ:AVT)

Avantax Advisory Services Inc. bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 5,743 shares of the company’s stock, valued at approximately $300,000.

A number of other institutional investors and hedge funds have also bought and sold shares of AVT. Synergy Investment Management LLC bought a new position in shares of Avnet during the fourth quarter worth about $38,000. Principal Securities Inc. increased its position in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after buying an additional 211 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock worth $114,000 after purchasing an additional 341 shares during the period. KBC Group NV lifted its stake in shares of 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 buying an additional 1,200 shares in the last quarter. Finally, Longboard Asset Management LP bought a new position in Avnet in the 4th quarter valued at about $207,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of AVT stock opened at $48.80 on Wednesday. The firm’s 50 day moving average is $50.69 and its 200 day moving average is $52.56. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a 12 month low of $46.24 and a 12 month high of $59.24. The stock has a market capitalization of $4.22 billion, a P/E ratio of 13.82, a PEG ratio of 1.13 and a beta of 1.09.

Avnet (NASDAQ:AVT) last issued 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 return on equity of 7.49% and a net margin of 1.41%. On average, sell-side analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Wednesday, March 5th. Avnet’s dividend payout ratio is 37.39%.

Analyst Upgrades and Downgrades

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

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.