KLP Kapitalforvaltning AS Purchases Shares of 22,800 Avnet, Inc. (NASDAQ:AVT)

KLP Kapitalforvaltning AS acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 22,800 shares of the company’s stock, valued at approximately $1,193,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in shares of Avnet by 11,848.6% during the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock worth $148,623,000 after buying an additional 2,816,889 shares during the period. Raymond James Financial Inc. acquired a new stake in Avnet during the fourth quarter worth approximately $32,676,000. Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of Avnet by 204.6% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock worth $37,489,000 after acquiring an additional 463,660 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Avnet by 227.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after purchasing an additional 148,588 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on AVT. Truist Financial decreased their price objective on 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 shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Price Performance

Shares of NASDAQ AVT opened at $47.19 on Friday. The business has a fifty day moving average price of $50.38 and a two-hundred day moving average price of $52.50. The stock has a market capitalization of $4.08 billion, a PE ratio of 13.37, a P/E/G ratio of 1.13 and a beta of 1.09. 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 fifty-two week low of $46.24 and a fifty-two week high of $59.24.

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

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th were given 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 yield of 2.80%. Avnet’s dividend payout ratio is currently 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.