ARGA Investment Management LP Has $458,000 Stake in Avnet, Inc. (NASDAQ:AVT)

ARGA Investment Management LP lowered its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 94.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,757 shares of the company’s stock after selling 138,361 shares during the period. ARGA Investment Management LP’s holdings in Avnet were worth $458,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Longboard Asset Management LP acquired a new position in shares of Avnet in the 4th quarter worth approximately $207,000. EMC Capital Management grew its position in Avnet by 62.7% in the fourth quarter. EMC Capital Management now owns 9,149 shares of the company’s stock valued at $479,000 after acquiring an additional 3,526 shares during the period. Highland Capital Management LLC raised its stake in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after acquiring an additional 261 shares in the last quarter. Foster & Motley Inc. lifted its holdings in shares of Avnet by 0.7% during the fourth quarter. Foster & Motley Inc. now owns 130,816 shares of the company’s stock valued at $6,844,000 after acquiring an additional 856 shares during the period. Finally, Pacer Advisors Inc. lifted its holdings in shares of Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after acquiring an additional 2,816,889 shares during the period. Institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on AVT shares. Truist Financial dropped their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th. Bank of America lowered shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $58.00 to $48.00 in a report on Thursday, January 30th.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $49.99 on Wednesday. The business has a fifty day moving average of $53.14 and a 200-day moving average of $53.40. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The firm has a market cap of $4.35 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. On average, equities research analysts predict that Avnet, Inc. will post 3.82 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.64%. The ex-dividend date was Wednesday, December 4th. Avnet’s dividend payout ratio 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.