Ellevest Inc. Buys 283 Shares of Avnet, Inc. (NASDAQ:AVT)

Posted by on Apr 28th, 2023

Ellevest Inc. grew its stake in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 36.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,052 shares of the company’s stock after acquiring an additional 283 shares during the period. Ellevest Inc.’s holdings in Avnet were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of AVT. Natixis Advisors L.P. bought a new position in shares of Avnet in the first quarter worth about $448,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Avnet during the 1st quarter worth approximately $1,019,000. MetLife Investment Management LLC grew its position in shares of Avnet by 33.1% during the 1st quarter. MetLife Investment Management LLC now owns 64,005 shares of the company’s stock worth $2,598,000 after buying an additional 15,921 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Avnet by 10.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,269 shares of the company’s stock worth $1,472,000 after buying an additional 3,372 shares during the period. Finally, Great West Life Assurance Co. Can grew its position in shares of Avnet by 9.8% during the 1st quarter. Great West Life Assurance Co. Can now owns 63,382 shares of the company’s stock worth $2,658,000 after buying an additional 5,646 shares during the period. 97.11% of the stock is owned by institutional investors.

Avnet Stock Performance

Shares of AVT opened at $40.64 on Friday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.31 and a current ratio of 2.54. Avnet, Inc. has a twelve month low of $35.45 and a twelve month high of $50.19. The firm’s 50 day moving average price is $43.29 and its two-hundred day moving average price is $44.31. The firm has a market cap of $3.71 billion, a P/E ratio of 4.56 and a beta of 1.35.

Avnet (NASDAQ:AVT – Get Rating) last announced its quarterly earnings results on Wednesday, February 1st. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.17. Avnet had a net margin of 3.26% and a return on equity of 18.80%. The firm had revenue of $6.72 billion for the quarter, compared to analyst estimates of $6.53 billion. During the same quarter in the previous year, the firm posted $1.51 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. On average, analysts forecast that Avnet, Inc. will post 7.2 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Wednesday, March 1st were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Tuesday, February 28th. Avnet’s payout ratio is currently 13.02%.

Analyst Upgrades and Downgrades

AVT has been the subject of several analyst reports. Citigroup lifted their price target on shares of Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. StockNews.com initiated coverage on shares of Avnet in a report on Thursday, March 16th. They set a “hold” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Avnet from $45.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a report on Thursday, February 2nd. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $44.00.

Avnet Profile

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

Further Reading

Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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