843,240 Shares in Avnet, Inc. $AVT Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 843,240 Avnet shares worth approximately $74.9 million, representing a 1.03% stake. Institutional investors collectively own 95.78% of the company.
• Avnet reported quarterly earnings of $2.28 per share, beating estimates of $1.80, while revenue rose 47.7% year over year to $8.30 billion. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $93.25.
• Avnet increased its quarterly dividend from $0.35 to $0.37 per share, equivalent to $1.48 annually and a 1.7% yield. Meanwhile, the CEO and a senior vice president recently sold substantial portions of their holdings.

Bank of New York Mellon Corp bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 843,240 shares of the company's stock, valued at approximately $74,897,000. Bank of New York Mellon Corp owned 1.03% of Avnet as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in AVT. Dimensional Fund Advisors LP increased its position in shares of Avnet by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company's stock worth $362,655,000 after buying an additional 22,137 shares during the period. AQR Capital Management LLC grew its holdings in Avnet by 30.7% during the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company's stock worth $142,394,000 after acquiring an additional 695,929 shares during the period. LSV Asset Management grew its holdings in Avnet by 7.6% during the 4th quarter. LSV Asset Management now owns 2,811,171 shares of the company's stock worth $135,161,000 after acquiring an additional 197,400 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Avnet by 5.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 2,011,676 shares of the company's stock worth $105,170,000 after acquiring an additional 101,873 shares in the last quarter. Finally, Morgan Stanley raised its position in shares of Avnet by 16.2% in the 4th quarter. Morgan Stanley now owns 1,524,945 shares of the company's stock worth $73,319,000 after acquiring an additional 212,573 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Insiders Place Their Bets

In other Avnet news, 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 of the company's stock, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip R. Gallagher sold 51,900 shares of the firm's stock in a transaction on Wednesday, August 12th. The shares were 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 disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently commented on AVT. Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Truist Financial lifted their target price on Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Finally, Wells Fargo & Company raised their price objective on shares of Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $93.25.

Avnet Stock Performance

Shares of AVT opened at $87.57 on Wednesday. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00. The company has a market cap of $7.19 billion, a PE ratio of 21.95, a P/E/G ratio of 0.26 and a beta of 1.09. The stock has a 50-day moving average of $89.18 and a 200-day moving average of $78.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly 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. The business had revenue of $8.30 billion for the quarter, compared to the consensus estimate of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The firm's revenue for the quarter was up 47.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities research analysts predict that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be issued a $0.37 dividend. The ex-dividend date is Wednesday, September 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Avnet's previous quarterly dividend of $0.35. Avnet's dividend payout ratio (DPR) is 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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