Jefferies Financial Group Inc. bought a new stake in Avnet, Inc. (NASDAQ:AVT – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,293 shares of the company’s stock, valued at approximately $1,181,000.
Several other institutional investors and hedge funds also recently made changes to their positions in AVT. Royal Bank of Canada increased its stake in shares of Avnet by 3.0% in the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after buying an additional 2,101 shares during the last quarter. Goldman Sachs Group Inc. raised 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 in the last quarter. United Services Automobile Association bought a new position in Avnet during the 1st quarter valued at $267,000. Empowered Funds LLC boosted its stake in Avnet by 9.3% during the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock valued at $392,000 after acquiring an additional 696 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Avnet by 4.9% during the 1st 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 acquiring an additional 16,443 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.
Avnet Stock Performance
Avnet stock opened at $88.63 on Monday. Avnet, Inc. has a 1 year low of $44.25 and a 1 year high of $100.00. The firm’s 50-day moving average is $89.13 and its 200-day moving average is $79.22. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The company 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.
Avnet Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Wednesday, September 9th. This is an increase from Avnet’s previous quarterly dividend of $0.35. Avnet’s dividend payout ratio (DPR) is currently 35.09%.
Insider Buying and Selling at Avnet
In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 168,923 shares in the company, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’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 transaction, the senior vice president directly 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 disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on AVT. Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, August 14th. Truist Financial lifted their price target on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Bank of America upgraded Avnet from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $66.00 to $96.00 in a research note on Wednesday, May 13th. Finally, Zacks Research raised Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $93.25.
Get Our Latest Analysis on AVT
About Avnet
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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