Norges Bank Invests $52.92 Million in Avnet, Inc. (NASDAQ:AVT)

Norges Bank acquired a new stake in Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, Holdings Channel.com reports. The fund acquired 1,011,537 shares of the company’s stock, valued at approximately $52,924,000.

A number of other large investors have also added to or reduced their stakes in the business. Synergy Investment Management LLC acquired a new position in Avnet in the 4th quarter valued at approximately $38,000. Principal Securities Inc. raised its position in 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. Harvest Fund Management Co. Ltd raised its position in Avnet by 1,768.1% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 2,167 shares of the company’s stock worth $113,000 after purchasing an additional 2,051 shares during the last quarter. GAMMA Investing LLC grew its position 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 buying an additional 341 shares during the last quarter. Finally, KBC Group NV increased its stake in shares of Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after buying an additional 1,200 shares during the period. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

AVT has been the topic of a number of recent analyst reports. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial decreased their price objective on shares of Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th.

Avnet Trading Down 4.6 %

NASDAQ AVT opened at $42.26 on Friday. The stock has a market capitalization of $3.66 billion, a P/E ratio of 11.97, a P/E/G ratio of 1.13 and a beta of 1.04. The business has a 50 day simple moving average of $49.57 and a 200 day simple moving average of $52.33. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a one year low of $40.93 and a one year high of $59.24.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 EPS 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%. Research analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 3.12%. Avnet’s dividend payout ratio is currently 37.39%.

Avnet Company 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.