ProShare Advisors LLC cut its stake in Avnet, Inc. (NASDAQ:AVT – Free Report) by 14.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,811 shares of the company’s stock after selling 13,680 shares during the period. ProShare Advisors LLC owned 0.10% of Avnet worth $8,077,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVT. Vise Technologies Inc. bought a new position in Avnet during the 3rd quarter worth approximately $719,000. MGO One Seven LLC boosted its stake in shares of Avnet by 54.1% in the 3rd quarter. MGO One Seven LLC now owns 8,296 shares of the company’s stock valued at $829,000 after purchasing an additional 2,911 shares during the last quarter. Choreo LLC bought a new stake in shares of Avnet in the 3rd quarter valued at $329,000. VestGen Advisors LLC increased its position in shares of Avnet by 21.7% during the third quarter. VestGen Advisors LLC now owns 9,051 shares of the company’s stock worth $905,000 after buying an additional 1,616 shares during the period. Finally, Asset Management One Co. Ltd. increased its position in shares of Avnet by 2.1% during the third quarter. Asset Management One Co. Ltd. now owns 23,445 shares of the company’s stock worth $2,343,000 after buying an additional 477 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.
Avnet Trading Down 3.4%
NASDAQ AVT opened at $85.68 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. The business has a 50 day moving average price of $94.75 and a 200-day moving average price of $81.29. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $108.63. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 21.47, a P/E/G ratio of 0.27 and a beta of 1.11.
Avnet (NASDAQ:AVT – Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, beating analysts’ consensus estimates of $2.86 by $0.77. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm had revenue of $10.72 billion for the quarter, compared to analyst estimates of $9.22 billion. During the same period last year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was up 81.7% compared to the same quarter last year. As a group, equities analysts expect that Avnet, Inc. will post 10.45 earnings per share for the current fiscal year.
Avnet Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Wednesday, September 9th. This is an increase from Avnet’s previous quarterly dividend of $0.35. Avnet’s payout ratio is currently 37.09%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on AVT. Truist Financial lifted their target price on shares of Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, July 20th. Zacks Research downgraded Avnet from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Finally, Weiss Ratings raised Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Avnet presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.
View Our Latest Research Report on AVT
Key Avnet News
Here are the key news stories impacting Avnet this week:
- Positive Sentiment: Avnet earned $3.63 per share, topping the $2.86 consensus estimate, while revenue of $10.72 billion exceeded expectations of $9.22 billion. Revenue rose 81.7% year over year, and EPS increased from $0.84 a year earlier—strong results that support the positive fundamental outlook. Article: Avnet Tops Q1 Earnings and Revenue Estimates
- Positive Sentiment: Management pointed to strong demand and record growth, and initiated fiscal Q2 guidance described as optimistic. This outlook may help sustain investor confidence in the business momentum. Article: Avnet Earnings Call Signals Record Growth and Strong Outlook
- Negative Sentiment: AVT nevertheless traded lower following the results. The reports provided do not point to a clear bearish development; the divergence may reflect investor expectations or profit-taking, but neither explanation is confirmed.
Insider Activity
In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s 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 transaction, the senior vice president owned 76,674 shares of the company’s stock, valued at approximately $6,985,001.40. The trade was a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Philip Gallagher sold 51,900 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the completion of the transaction, the chief executive officer directly owned 168,923 shares in the company, valued at $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 2.00% of the company’s stock.
About Avnet
Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.
In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.
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