Harbor Capital Advisors Inc. Has $2.35 Million Stake in Avnet, Inc. (NASDAQ:AVT)

Harbor Capital Advisors Inc. increased its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 316.5% in the second quarter, HoldingsChannel reports. The institutional investor owned 45,630 shares of the company’s stock after purchasing an additional 34,675 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Avnet were worth $2,349,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of AVT. Dimensional Fund Advisors LP raised its holdings in Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after purchasing an additional 157,709 shares during the period. First Eagle Investment Management LLC lifted its holdings in Avnet by 9.8% during the first quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company’s stock worth $10,417,000 after acquiring an additional 18,700 shares in the last quarter. Allianz Asset Management GmbH grew its stake in Avnet by 4.0% in the fourth quarter. Allianz Asset Management GmbH now owns 1,083,424 shares of the company’s stock valued at $54,605,000 after acquiring an additional 41,951 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Avnet by 21.2% in the first quarter. Acadian Asset Management LLC now owns 170,937 shares of the company’s stock worth $8,474,000 after acquiring an additional 29,884 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company’s stock worth $542,918,000 after purchasing an additional 519,478 shares during the period. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Truist Financial lowered their price objective on shares of Avnet from $49.00 to $48.00 and set a “hold” rating for the company in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $45.00.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 19,532 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $51.63, for a total value of $1,008,437.16. Following the transaction, the chief executive officer now directly owns 140,792 shares of the company’s stock, valued at approximately $7,269,090.96. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Philip R. Gallagher sold 19,532 shares of Avnet stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $51.63, for a total value of $1,008,437.16. Following the completion of the sale, the chief executive officer now directly owns 140,792 shares in the company, valued at $7,269,090.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the transaction, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The disclosure for this sale can be found here. Insiders have sold 66,532 shares of company stock valued at $3,544,957 over the last ninety days. 1.30% of the stock is currently owned by company insiders.

Avnet Stock Down 0.6 %

Shares of NASDAQ:AVT traded down $0.31 during midday trading on Wednesday, hitting $49.92. The stock had a trading volume of 233,319 shares, compared to its average volume of 600,583. The company has a market cap of $4.51 billion, a P/E ratio of 8.13 and a beta of 1.16. Avnet, Inc. has a 12 month low of $42.67 and a 12 month high of $55.46. The business’s 50-day simple moving average is $52.58 and its 200-day simple moving average is $49.83. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were issued a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.48%. Avnet’s dividend payout ratio is currently 20.06%.

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.