Alyeska Investment Group L.P. Purchases Shares of 226,556 Avnet, Inc. $AVT

Key Points

• Alyeska Investment Group initiated a position in Avnet by purchasing 226,556 shares worth approximately $20.1 million, while institutional investors collectively own 95.78% of the company.
• Avnet reported strong quarterly results, with EPS of $2.28 versus the $1.80 consensus estimate and revenue of $8.30 billion, up 47.7% year over year. Analysts have an overall “Moderate Buy” rating and a consensus price target of $93.25.
• Avnet raised its quarterly dividend from $0.35 to $0.37 per share, implying a $1.48 annualized payout and a 1.7% yield. Meanwhile, the CEO and a senior vice president sold substantial portions of their holdings.

Alyeska Investment Group L.P. purchased a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 226,556 shares of the company's stock, valued at approximately $20,123,000. Alyeska Investment Group L.P. owned approximately 0.28% of Avnet as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVT. BlackRock Inc. purchased a new position in Avnet during the second quarter valued at approximately $916,146,000. Dimensional Fund Advisors LP raised its position in shares of Avnet by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company's stock valued at $362,655,000 after purchasing an additional 22,137 shares during the period. Pzena Investment Management LLC purchased a new stake in Avnet in the 2nd quarter worth $277,153,000. AQR Capital Management LLC increased its stake in Avnet by 30.7% in the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company's stock worth $142,394,000 after buying an additional 695,929 shares in the last quarter. Finally, LSV Asset Management lifted its position in shares of Avnet by 7.6% in the fourth quarter. LSV Asset Management now owns 2,811,171 shares of the company's stock valued at $135,161,000 after acquiring an additional 197,400 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Trading Up 1.0%

AVT stock opened at $89.56 on Tuesday. The firm has a fifty day moving average price of $89.07 and a 200 day moving average price of $79.38. Avnet, Inc. has a fifty-two week low of $44.25 and a fifty-two week high of $100.00. The firm has a market cap of $7.35 billion, a PE ratio of 22.45, a price-to-earnings-growth ratio of 0.27 and a beta of 1.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.80 by $0.48. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company had revenue of $8.30 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. Avnet'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. Sell-side analysts anticipate 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 will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be given a $0.37 dividend. This is an increase from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.7%. The ex-dividend date is Wednesday, September 9th. Avnet's dividend payout ratio (DPR) is 35.09%.

Wall Street Analysts Forecast Growth

AVT has been the topic of a number of research analyst reports. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 25th. Weiss Ratings raised shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Bank of America upgraded shares of Avnet from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Zacks Research raised shares of Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Finally, Wells Fargo & Company upped their target price 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 analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Avnet presently has an average rating of "Moderate Buy" and a consensus price target of $93.25.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 168,923 shares of the company's stock, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the company's stock in a transaction that occurred 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 sale, the senior vice president owned 76,674 shares in the company, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company's stock.

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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