Mirae Asset Global Investments Co. Ltd. Invests $928,000 in Avnet, Inc. (NASDAQ:AVT)

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 18,406 shares of the company’s stock, valued at approximately $928,000.

Several other institutional investors have also modified their holdings of AVT. CWM LLC lifted its position in shares of Avnet by 330.2% during the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after purchasing an additional 492 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Avnet by 44.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,285 shares of the company’s stock worth $110,000 after acquiring an additional 702 shares in the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Avnet during the 3rd quarter worth $130,000. Occidental Asset Management LLC raised its stake in Avnet by 1.7% during the 3rd quarter. Occidental Asset Management LLC now owns 56,101 shares of the company’s stock worth $2,704,000 after acquiring an additional 963 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC raised its stake in Avnet by 2.8% during the 3rd quarter. Measured Wealth Private Client Group LLC now owns 14,817 shares of the company’s stock worth $714,000 after acquiring an additional 401 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of NASDAQ:AVT opened at $48.47 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.34 and a quick ratio of 1.05. The firm has a market capitalization of $4.38 billion, a P/E ratio of 6.69, a P/E/G ratio of 0.62 and a beta of 1.24. Avnet, Inc. has a 12 month low of $39.64 and a 12 month high of $51.65. The company’s fifty day moving average price is $47.32 and its 200 day moving average price is $47.32.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, January 31st. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.01. The company had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.15 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. During the same period in the previous year, the business posted $2.00 earnings per share. As a group, sell-side analysts predict that Avnet, Inc. will post 5.25 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.56%. Avnet’s dividend payout ratio is presently 17.13%.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group cut their price target on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $45.50.

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.