AlphaQuest LLC Has $1.55 Million Stock Position in Avnet, Inc. $AVT

Key Points

• AlphaQuest LLC increased its Avnet stake by 192.5% in the fourth quarter, ending with 32,331 shares valued at about $1.55 million.
• Avnet saw mixed activity from institutions and insiders: several funds added shares, while CEO Philip R. Gallagher sold 23,920 shares in May, reducing his direct stake by 14.16%.
• The company beat quarterly earnings and revenue expectations, reported $1.48 EPS on $7.12 billion in revenue, and also announced a $0.35 quarterly dividend payable June 17.

AlphaQuest LLC boosted its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 192.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,331 shares of the company's stock after purchasing an additional 21,276 shares during the period. AlphaQuest LLC's holdings in Avnet were worth $1,554,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the company. World Investment Advisors lifted its position in shares of Avnet by 2.3% in the fourth quarter. World Investment Advisors now owns 9,873 shares of the company's stock worth $471,000 after buying an additional 219 shares during the last quarter. MAI Capital Management lifted its position in shares of Avnet by 53.7% in the third quarter. MAI Capital Management now owns 673 shares of the company's stock worth $35,000 after buying an additional 235 shares during the last quarter. Ballentine Partners LLC lifted its position in shares of Avnet by 3.5% in the third quarter. Ballentine Partners LLC now owns 7,324 shares of the company's stock worth $383,000 after buying an additional 249 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Avnet by 53.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company's stock worth $35,000 after buying an additional 258 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Avnet by 1.0% in the second quarter. Lazard Asset Management LLC now owns 28,877 shares of the company's stock worth $1,532,000 after buying an additional 279 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling at Avnet

In other news, CEO Philip R. Gallagher sold 23,920 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the sale, the chief executive officer directly owned 145,003 shares in the company, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of analyst reports. Weiss Ratings cut Avnet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 19th. Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and boosted their price objective for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Zacks Research raised Avnet from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. Wall Street Zen cut Avnet from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 10th. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Avnet presently has an average rating of "Moderate Buy" and an average price target of $89.00.

Avnet Trading Down 2.3%

Avnet stock opened at $87.06 on Thursday. The business has a 50 day moving average price of $73.43 and a two-hundred day moving average price of $61.09. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The stock has a market cap of $7.14 billion, a price-to-earnings ratio of 33.88, a price-to-earnings-growth ratio of 0.40 and a beta of 1.09. Avnet, Inc. has a 12 month low of $44.25 and a 12 month high of $90.20.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The firm had revenue of $7.12 billion during the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the prior year, the firm posted $0.84 EPS. The company's revenue for the quarter was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. As a group, equities analysts forecast that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Wednesday, June 3rd. Avnet's dividend payout ratio is currently 54.47%.

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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