Mirae Asset Global Investments Co. Ltd. Acquires Shares of 18,406 Avnet, Inc. (NASDAQ:AVT)

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 18,406 shares of the company’s stock, valued at approximately $928,000.

A number of other large investors have also recently added to or reduced their stakes in AVT. CWM LLC lifted its position in shares of Avnet by 330.2% in the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after buying an additional 492 shares during the last quarter. Venturi Wealth Management LLC lifted its position in shares of Avnet by 46.5% in the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock worth $33,000 after buying an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Avnet in the 4th quarter worth about $40,000. Parkside Financial Bank & Trust lifted its position in shares of Avnet by 19.1% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,649 shares of the company’s stock worth $79,000 after buying an additional 265 shares during the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Avnet by 25.4% in the 4th quarter. Blue Trust Inc. now owns 2,269 shares of the company’s stock worth $109,000 after buying an additional 459 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group dropped their price objective on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat, Avnet has a consensus rating of “Hold” and a consensus price target of $45.50.

Avnet Stock Up 2.3 %

AVT stock opened at $48.47 on Wednesday. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55. Avnet, Inc. has a fifty-two week low of $39.64 and a fifty-two week high of $51.65. The firm’s 50-day simple moving average is $47.32 and its 200 day simple moving average is $47.32. The stock has a market cap of $4.38 billion, a PE ratio of 6.69, a price-to-earnings-growth ratio of 0.62 and a beta of 1.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, January 31st. The company reported $1.40 EPS for the quarter, beating the consensus estimate of $1.39 by $0.01. The firm had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $6.15 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. During the same quarter last year, the company earned $2.00 EPS. As a group, sell-side analysts predict that Avnet, Inc. will post 5.25 EPS for the current year.

Avnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.56%. Avnet’s dividend payout ratio (DPR) is 17.13%.

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.