Algert Global LLC raised its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 7.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 279,474 shares of the company's stock after buying an additional 19,594 shares during the quarter. Algert Global LLC owned about 0.34% of Avnet worth $24,823,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Avnet during the 2nd quarter worth approximately $25,000. Summit Securities Group LLC bought a new stake in Avnet during the fourth quarter valued at $28,000. BOKF NA grew its holdings in shares of Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company's stock worth $31,000 after purchasing an additional 536 shares in the last quarter. State of Wyoming purchased a new position in shares of Avnet during the second quarter worth about $37,000. Finally, Hantz Financial Services Inc. increased its position in shares of Avnet by 62.0% in the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company's stock worth $41,000 after purchasing an additional 326 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.
Insider Transactions at Avnet
In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the firm'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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the chief executive officer owned 168,923 shares in the company, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company's stock.
Avnet Trading Down 2.7%
AVT opened at $86.26 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $100.00. The stock has a market cap of $7.08 billion, a PE ratio of 21.62, a PEG ratio of 0.27 and a beta of 1.09. The business has a 50 day moving average of $89.24 and a 200-day moving average of $78.53.
Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 EPS 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 firm had revenue of $8.30 billion for the quarter, compared to analysts' expectations of $7.56 billion. During the same period in the previous year, the firm posted $0.81 EPS. The business's revenue for the quarter was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities research analysts predict that Avnet, Inc. will post 10.45 earnings per share for the current fiscal year.
Avnet Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. 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 is presently 35.09%.
Analyst Ratings Changes
Several research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, August 14th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 25th. Truist Financial raised their price objective on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and upped their target price for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Avnet currently has an average rating of "Moderate Buy" and an average price target of $93.25.
Get Our Latest Report on AVT
Avnet Profile
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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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