Congress Wealth Management LLC DE Has $2.16 Million Holdings in Avnet, Inc. (NASDAQ:AVT)

Congress Wealth Management LLC DE decreased its position in Avnet, Inc. (NASDAQ:AVT) by 44.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,210 shares of the company’s stock after selling 32,660 shares during the quarter. Congress Wealth Management LLC DE’s holdings in Avnet were worth $2,156,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Greenhaven Associates Inc. grew its holdings in Avnet by 1.0% in the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock valued at $207,336,000 after buying an additional 38,185 shares in the last quarter. American Century Companies Inc. increased its position in Avnet by 2.1% during the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company’s stock worth $183,247,000 after acquiring an additional 72,715 shares during the period. Pacer Advisors Inc. raised its stake in Avnet by 11,848.6% in the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock worth $148,623,000 after purchasing an additional 2,816,889 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Avnet by 4.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company’s stock valued at $58,426,000 after purchasing an additional 43,547 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Avnet by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company’s stock worth $48,231,000 after purchasing an additional 5,209 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Bank of America downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial cut their target price on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th.

Avnet Stock Performance

Shares of Avnet stock opened at $48.51 on Thursday. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market cap of $4.20 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. The company has a 50 day moving average of $50.61 and a 200-day moving average of $52.53. Avnet, Inc. has a 1-year low of $46.24 and a 1-year high of $59.24.

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

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio is presently 37.39%.

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.