Corient Private Wealth LP purchased a new stake in Avnet, Inc. (NASDAQ:AVT – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 71,647 shares of the company’s stock, valued at approximately $6,364,000.
A number of other institutional investors have also recently modified their holdings of AVT. Royal Bank of Canada grew its holdings in Avnet by 3.0% during the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after acquiring an additional 2,101 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Avnet by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock valued at $11,148,000 after acquiring an additional 31,919 shares during the period. United Services Automobile Association acquired a new stake in shares of Avnet in the first quarter valued at about $267,000. Empowered Funds LLC lifted its stake in shares of Avnet by 9.3% in the first quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock valued at $392,000 after purchasing an additional 696 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Avnet by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after buying an additional 16,443 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and increased their target price for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Zacks Research upgraded Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Wells Fargo & Company raised their price objective on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research note on Monday, July 20th. Finally, Truist Financial boosted their target price on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Avnet has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.
Insider Activity at Avnet
In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the sale, the chief executive officer directly owned 168,923 shares of the company’s stock, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the transaction, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.
Avnet Price Performance
AVT opened at $88.63 on Monday. The firm has a market cap of $7.27 billion, a P/E ratio of 22.21, a PEG ratio of 0.27 and a beta of 1.09. The business’s fifty day simple moving average is $89.13 and its 200 day simple moving average is $79.22. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $100.00. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.
Avnet (NASDAQ:AVT – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.48. The firm had revenue of $8.30 billion during the quarter, compared to the consensus estimate of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 47.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, equities research analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current fiscal year.
Avnet Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be given a $0.37 dividend. This is a boost from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet’s dividend payout ratio (DPR) is presently 35.09%.
Avnet Profile
Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.
Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.
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