Northern Trust Corp Boosts Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Northern Trust Corp lifted its stake in Avnet, Inc. (NASDAQ:AVT) by 25.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 895,927 shares of the company’s stock after purchasing an additional 180,134 shares during the period. Northern Trust Corp owned about 1.04% of Avnet worth $46,875,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Principal Securities Inc. lifted its position in shares of 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 purchasing an additional 211 shares during the last quarter. World Investment Advisors raised its stake in Avnet by 3.7% in the fourth quarter. World Investment Advisors now owns 7,223 shares of the company’s stock valued at $378,000 after buying an additional 255 shares in the last quarter. Highland Capital Management LLC lifted its holdings in Avnet by 6.6% during the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after buying an additional 261 shares during the last quarter. Quadrant Capital Group LLC boosted its position 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 acquiring an additional 340 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Avnet by 18.6% in the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company’s stock valued at $114,000 after acquiring an additional 341 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

AVT stock opened at $50.62 on Friday. The business has a 50 day simple moving average of $47.76 and a 200-day simple moving average of $51.24. The company has a market capitalization of $4.38 billion, a P/E ratio of 14.34, a PEG ratio of 1.13 and a beta of 0.98. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. 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 issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.25 billion. During the same period last year, the firm posted $1.10 EPS. Avnet’s revenue for the quarter was down 6.0% on a year-over-year basis. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were paid a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.61%. Avnet’s dividend payout ratio (DPR) is currently 36.97%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Wells Fargo & Company dropped their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. Finally, Truist Financial decreased their price objective on shares of Avnet from $52.00 to $50.00 and set a “hold” rating for the company in a research note on Thursday, May 1st.

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.