Shares of Avnet, Inc. (NASDAQ:AVT – Get Free Report) were up 6.4% on Friday . The stock traded as high as $97.76 and last traded at $98.8780. Approximately 389,586 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,222,608 shares. The stock had previously closed at $92.97.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on AVT shares. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Truist Financial increased their price objective on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Weiss Ratings upgraded Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Finally, Wells Fargo & Company lifted their target price on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $93.25.
Read Our Latest Research Report on Avnet
Avnet Price Performance
Avnet (NASDAQ:AVT – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.80 by $0.48. The business had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The company’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities analysts predict that Avnet, Inc. will post 10.45 EPS for the current year.
Avnet Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders 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. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.48 annualized dividend and a yield of 1.5%. Avnet’s dividend payout ratio is currently 37.09%.
Insider Buying and Selling at Avnet
In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares in the company, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the sale, the chief executive officer owned 168,923 shares of the company’s stock, valued at approximately $16,632,158.58. This trade represents a 23.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.
Hedge Funds Weigh In On Avnet
Institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Avnet in the 2nd quarter valued at about $25,000. Summit Securities Group LLC bought a new position in shares of Avnet during the 4th quarter worth approximately $28,000. BOKF NA lifted its position in Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company’s stock valued at $31,000 after acquiring an additional 536 shares during the last quarter. State of Wyoming acquired a new stake in Avnet in the second quarter valued at approximately $37,000. Finally, Hantz Financial Services Inc. boosted its stake in Avnet by 62.0% in the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock valued at $41,000 after acquiring an additional 326 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.
Avnet Company Profile
Avnet, Inc is a global technology distributor that helps manufacturers, engineers and other customers source electronic components and develop products. The company connects semiconductor and electronic-component suppliers with original equipment manufacturers, electronic manufacturing services providers and independent design firms.
Its offerings include semiconductors, embedded processors and computing products, memory, interconnect solutions, passive and electromechanical components, and related hardware and software.
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