Morey & Quinn Wealth Partners LLC Invests $252,000 in Avnet, Inc. (NASDAQ:AVT)

Morey & Quinn Wealth Partners LLC purchased a new stake 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 institutional investor purchased 4,820 shares of the company’s stock, valued at approximately $252,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC grew its stake in Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock valued at $31,326,000 after purchasing an additional 114,217 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Avnet by 227.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after buying an additional 148,588 shares in the last quarter. Weiss Asset Management LP boosted its holdings in Avnet by 35.7% in the 3rd quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after purchasing an additional 66,973 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock worth $13,213,000 after purchasing an additional 28,453 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock valued at $312,000 after acquiring an additional 1,101 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Performance

AVT stock opened at $48.80 on Wednesday. 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 business has a 50-day moving average price of $50.69 and a 200 day moving average price of $52.56. Avnet, Inc. has a 1-year low of $46.24 and a 1-year high of $59.24. The company 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 released its earnings results on Wednesday, January 29th. The company reported $0.87 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%. As a group, equities research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 37.39%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVT shares. Truist Financial dropped their price target 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 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 report on Thursday, January 30th.

Avnet 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.