Moran Wealth Management LLC Makes New $2.55 Million Investment in Avnet, Inc. (NASDAQ:AVT)

Moran Wealth Management LLC bought a new stake in Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, HoldingsChannel reports. The fund bought 48,660 shares of the company’s stock, valued at approximately $2,546,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC grew its holdings in shares of Avnet by 24.7% during 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 last quarter. Harbor Capital Advisors Inc. grew its stake in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after buying an additional 148,588 shares during the last quarter. Weiss Asset Management LP increased its holdings in shares of Avnet by 35.7% in the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after buying an additional 66,973 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Avnet by 13.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after acquiring an additional 28,453 shares during the last quarter. Finally, Park Avenue Securities LLC boosted its holdings in Avnet by 22.6% during the 4th 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 period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Down 3.2 %

Shares of Avnet stock opened at $47.98 on Wednesday. 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, Inc. has a 12-month low of $45.50 and a 12-month high of $59.24. The company has a market cap of $4.15 billion, a P/E ratio of 13.59, a PEG ratio of 1.13 and a beta of 1.09. The company’s fifty day simple moving average is $51.46 and its two-hundred day simple moving average is $52.95.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. Research analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s payout ratio is presently 37.39%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Truist Financial cut their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday, January 30th. Bank of America lowered 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 research report on Thursday, January 30th.

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.