Park Avenue Securities LLC Boosts Holdings in Avnet, Inc. (NASDAQ:AVT)

Park Avenue Securities LLC raised its stake in Avnet, Inc. (NASDAQ:AVT) by 22.6% during the fourth quarter, Holdings Channel reports. The fund owned 5,966 shares of the company’s stock after buying an additional 1,101 shares during the period. Park Avenue Securities LLC’s holdings in Avnet were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVT. Harbor Capital Advisors Inc. lifted its stake in 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. GAMMA Investing LLC raised its stake in shares of Avnet by 18.6% in the fourth 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 period. JPMorgan Chase & Co. lifted its position in shares of Avnet by 13.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after buying an additional 28,453 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Avnet by 17.1% during the 3rd quarter. Franklin Resources Inc. now owns 52,290 shares of the company’s stock worth $2,895,000 after acquiring an additional 7,619 shares during the period. Finally, Synovus Financial Corp increased its holdings in Avnet by 9.8% in the 3rd quarter. Synovus Financial Corp now owns 9,460 shares of the company’s stock worth $514,000 after acquiring an additional 843 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Trading Down 0.3 %

Shares of Avnet stock opened at $54.10 on Friday. The stock has a market capitalization of $4.70 billion, a P/E ratio of 14.16, a P/E/G ratio of 1.01 and a beta of 1.14. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The stock’s 50-day simple moving average is $53.44 and its 200 day simple moving average is $53.47.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The company had revenue of $5.60 billion for the quarter, compared to analysts’ expectations of $5.43 billion. During the same period in the prior year, the company posted $1.61 EPS. Avnet’s revenue was down 11.5% compared to the same quarter last year. As a group, research analysts anticipate that Avnet, Inc. will post 4.1 EPS for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date was Wednesday, December 4th. Avnet’s payout ratio is currently 34.56%.

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.