Morey & Quinn Wealth Partners LLC Purchases Shares of 4,820 Avnet, Inc. (NASDAQ:AVT)

Morey & Quinn Wealth Partners LLC acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,820 shares of the company’s stock, valued at approximately $252,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Synergy Investment Management LLC bought a new stake in shares of Avnet in the fourth quarter worth $38,000. Principal Securities Inc. raised its stake in Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after acquiring an additional 211 shares in the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in Avnet by 1,768.1% in the fourth 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 period. GAMMA Investing LLC boosted its holdings 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 acquiring an additional 341 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Avnet by 55.7% during the 4th quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after purchasing an additional 1,200 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Stock Performance

Shares of Avnet stock opened at $48.80 on Wednesday. The firm has a market cap of $4.22 billion, a P/E ratio of 13.82, 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. The firm has a 50 day simple moving average of $50.69 and a 200 day simple moving average of $52.56. Avnet, Inc. has a fifty-two week low of $46.24 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT) last released its quarterly earnings data 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%. Sell-side analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.70%. The ex-dividend date was Wednesday, March 5th. Avnet’s payout ratio is presently 37.39%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AVT. Truist Financial decreased 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. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

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.