Assenagon Asset Management S.A. Buys 53,648 Shares of Avnet, Inc. $AVT

Key Points

• Assenagon Asset Management increased its Avnet stake by 13.6%, buying 53,648 shares to reach 448,855 shares valued at approximately $44.9 million. Institutional investors collectively own 95.78% of Avnet.
• Avnet reported strong quarterly results, with EPS of $2.28 beating estimates of $1.80 and revenue rising 47.7% year over year to $8.30 billion. The company also raised its quarterly dividend from $0.35 to $0.37 per share.
• Avnet shares opened at $90.03, down 3.1%, while analysts maintained a “Moderate Buy” consensus rating with a $93.25 average price target. Meanwhile, the CEO and a senior vice president disclosed significant stock sales, reducing their holdings by 23.5% and 29.48%, respectively.

Assenagon Asset Management S.A. raised its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 13.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 448,855 shares of the company's stock after purchasing an additional 53,648 shares during the period. Assenagon Asset Management S.A. owned 0.55% of Avnet worth $44,863,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Avnet in the 2nd quarter valued at $916,146,000. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 22,137 shares during the last quarter. Pzena Investment Management LLC acquired a new stake in shares of Avnet during the second quarter worth about $277,153,000. Bank of America Corp DE increased its position in shares of Avnet by 6.4% during the first quarter. Bank of America Corp DE now owns 1,166,847 shares of the company's stock worth $71,901,000 after purchasing an additional 70,345 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Avnet during the second quarter worth about $74,897,000. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction that occurred 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 in the company, 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 SEC, which can be accessed through this hyperlink. Also, CEO Philip R. Gallagher sold 51,900 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value 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 approximately $16,632,158.58. The trade was a 23.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.00% of the stock is currently owned by company insiders.

Avnet Trading Down 3.1%

NASDAQ AVT opened at $90.03 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The firm has a market cap of $7.40 billion, a PE ratio of 22.56, a P/E/G ratio of 0.27 and a beta of 1.06. Avnet, Inc. has a one year low of $44.25 and a one year high of $108.63. The firm's fifty day moving average is $95.43 and its two-hundred day moving average is $87.35.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $2.28 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 business had revenue of $8.30 billion during the quarter, compared to analysts' expectations of $7.56 billion. During the same period in the prior year, the company earned $0.81 earnings per share. The business's revenue was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Analysts expect that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, September 9th. This is a positive change from Avnet's previous quarterly dividend of $0.35. Avnet's payout ratio is 37.09%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AVT. Zacks Research raised Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Wells Fargo & Company raised their price target on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research note on Monday, July 20th. Truist Financial raised their price target on Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Weiss Ratings upgraded Avnet from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $93.25.

Avnet Company Profile

Avnet, Inc is a global technology distributor and solutions provider that connects electronic component manufacturers with customers ranging from original equipment manufacturers and contract manufacturers to design engineers and startups. The company distributes semiconductors, interconnect products, passive and electromechanical components, and embedded computing products used in industrial, automotive, communications, aerospace and defense, healthcare, and consumer applications.

In addition to component distribution, Avnet provides engineering and design support, embedded systems, product customization, supply chain management, logistics, and other services intended to help customers move products from concept and prototyping through production.

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