Avnet, Inc. (NASDAQ:AVT) Stake Increased by CreativeOne Wealth LLC

CreativeOne Wealth LLC raised its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 45.1% during the fourth quarter, HoldingsChannel reports. The fund owned 11,576 shares of the company’s stock after acquiring an additional 3,597 shares during the quarter. CreativeOne Wealth LLC’s holdings in Avnet were worth $606,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Synergy Investment Management LLC bought a new position in shares of Avnet during the fourth quarter worth about $38,000. Bessemer Group Inc. raised its stake in Avnet by 621.8% during the fourth quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock valued at $50,000 after buying an additional 827 shares in the last quarter. Principal Securities Inc. lifted its holdings 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 last quarter. Quadrant Capital Group LLC grew its position in shares of Avnet by 30.5% in the 4th quarter. Quadrant Capital Group LLC now owns 1,456 shares of the company’s stock worth $76,000 after acquiring an additional 340 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd increased its holdings 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 acquiring an additional 2,051 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on AVT shares. Truist Financial reduced 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 shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Trading Up 1.5 %

NASDAQ:AVT opened at $47.20 on Friday. The firm has a market capitalization of $4.08 billion, a P/E ratio of 13.37, a P/E/G ratio of 1.13 and a beta of 1.04. The business has a 50 day simple moving average of $48.17 and a 200 day simple moving average of $51.69. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 12-month low of $39.22 and a 12-month high of $59.24.

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 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%. Equities research analysts predict that Avnet, Inc. will post 3.41 EPS for the current 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 $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.80%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 37.39%.

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.