Legal & General Group Plc Has $11.24 Million Stock Position in Avnet, Inc. (NASDAQ:AVT)

Legal & General Group Plc cut its holdings in Avnet, Inc. (NASDAQ:AVT) by 5.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 214,858 shares of the company’s stock after selling 11,938 shares during the period. Legal & General Group Plc’s holdings in Avnet were worth $11,241,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AVT. Federated Hermes Inc. boosted its position in Avnet by 32.6% during the fourth quarter. Federated Hermes Inc. now owns 62,119 shares of the company’s stock valued at $3,250,000 after purchasing an additional 15,260 shares during the last quarter. Quadrant Capital Group LLC raised its stake in shares of Avnet by 30.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company’s stock worth $76,000 after purchasing an additional 340 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Avnet by 61.3% in the 4th quarter. Russell Investments Group Ltd. now owns 399,593 shares of the company’s stock valued at $20,906,000 after buying an additional 151,821 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Avnet by 6.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 167,169 shares of the company’s stock valued at $8,746,000 after buying an additional 10,051 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. bought a new position in shares of Avnet in the fourth quarter valued at $837,000. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 0.2 %

AVT stock opened at $46.51 on Thursday. The business’s 50 day simple moving average is $48.28 and its 200 day simple moving average is $51.78. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The firm has a market capitalization of $4.02 billion, a PE ratio of 13.18, a PEG ratio of 1.13 and a beta of 1.04. 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 (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, research analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a $0.33 dividend. The ex-dividend date was Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.84%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Bank of America cut shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the company from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial dropped their target price 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 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.