AXQ Capital LP acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 22,542 shares of the company's stock, valued at approximately $2,002,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Avnet during the 2nd quarter worth $25,000. Summit Securities Group LLC bought a new position in shares of Avnet during the fourth quarter worth approximately $28,000. BOKF NA increased its stake in Avnet by 1,116.7% during the 3rd quarter. BOKF NA now owns 584 shares of the company's stock worth $31,000 after acquiring an additional 536 shares during the period. State of Wyoming acquired a new position in shares of Avnet during the 2nd quarter worth $37,000. Finally, Hantz Financial Services Inc. increased its holdings in Avnet by 62.0% in the 4th quarter. Hantz Financial Services Inc. now owns 852 shares of the company's stock worth $41,000 after purchasing an additional 326 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.
Analyst Ratings Changes
AVT has been the subject of several recent research reports. Zacks Research raised Avnet from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note 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 report on Wednesday, May 13th. Truist Financial increased their target price on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Two 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 given a Sell rating to the company's stock. According to MarketBeat.com, Avnet has a consensus rating of "Moderate Buy" and an average price target of $93.25.
Get Our Latest Analysis on Avnet
Avnet Stock Up 1.4%
Avnet stock opened at $92.06 on Friday. 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 company's 50-day moving average price is $89.22 and its two-hundred day moving average price is $79.98. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $100.00. The stock has a market cap of $7.56 billion, a P/E ratio of 23.07, a P/E/G ratio of 0.28 and a beta of 1.10.
Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.80 by $0.48. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The company had revenue of $8.30 billion during the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the firm earned $0.81 earnings per share. The company's revenue was up 47.7% on a year-over-year basis. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, analysts expect that Avnet, Inc. will post 10.45 EPS for the current year.
Avnet Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.48 annualized dividend and a yield of 1.6%. This is an increase from Avnet's previous quarterly dividend of $0.35. Avnet's payout ratio is 35.09%.
Insider Buying and Selling at Avnet
In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the firm's 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the transaction, the senior vice president directly owned 76,674 shares of the company's stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by corporate insiders.
Avnet Profile
(
Free Report)
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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