Harvest Fund Management Co. Ltd Increases Stock Position in Avnet, Inc. (NASDAQ:AVT)

Harvest Fund Management Co. Ltd raised its holdings in Avnet, Inc. (NASDAQ:AVT) by 1,768.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,167 shares of the company’s stock after purchasing an additional 2,051 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Avnet were worth $113,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Synergy Investment Management LLC purchased a new stake in shares of Avnet in the fourth quarter valued at about $38,000. Principal Securities Inc. lifted its stake in shares of Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after buying an additional 211 shares during the period. GAMMA Investing LLC lifted its stake in shares of Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after buying an additional 341 shares during the period. KBC Group NV lifted its stake in shares of Avnet by 55.7% during 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 during the period. Finally, Longboard Asset Management LP purchased a new position in shares of Avnet during the fourth quarter valued at approximately $207,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AVT shares. Truist Financial reduced their price objective on shares of 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 objective for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Stock Performance

NASDAQ:AVT opened at $46.99 on Friday. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.06 billion, a P/E ratio of 13.31, a P/E/G ratio of 1.13 and a beta of 1.09. Avnet, Inc. has a fifty-two week low of $46.24 and a fifty-two week high of $59.24. The firm’s 50 day moving average is $50.80 and its two-hundred day moving average is $52.59.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. Analysts expect that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio is currently 37.39%.

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.