Avnet, Inc. $AVT Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management sharply increased its Avnet stake by 126.3% in Q1, ending with 146,267 shares valued at about $9.0 million.
• Avnet’s latest earnings beat expectations, with Q3 results showing EPS of $1.48 on revenue of $7.12 billion, both ahead of analyst estimates and with revenue up 34% year over year.
• Insider selling and mixed analyst sentiment were notable, as CEO Philip R. Gallagher sold 23,920 shares while Wall Street’s consensus rating remained Moderate Buy with an $89 price target.

Assenagon Asset Management S.A. grew its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 126.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 146,267 shares of the company's stock after buying an additional 81,644 shares during the period. Assenagon Asset Management S.A. owned 0.18% of Avnet worth $9,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Nations Financial Group Inc. IA ADV grew its holdings in shares of Avnet by 1.6% during the first quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company's stock worth $671,000 after purchasing an additional 176 shares during the last quarter. Quadrant Capital Group LLC increased its position in Avnet by 2.1% during the fourth quarter. Quadrant Capital Group LLC now owns 8,778 shares of the company's stock worth $422,000 after buying an additional 184 shares during the period. World Investment Advisors lifted its stake in Avnet by 2.3% in the fourth quarter. World Investment Advisors now owns 9,873 shares of the company's stock valued at $471,000 after buying an additional 219 shares during the last quarter. Deutsche Bank AG boosted its stake in Avnet by 0.8% during the 4th quarter. Deutsche Bank AG now owns 31,122 shares of the company's stock worth $1,496,000 after purchasing an additional 234 shares during the period. Finally, MAI Capital Management boosted its stake in Avnet by 53.7% during the 3rd quarter. MAI Capital Management now owns 673 shares of the company's stock worth $35,000 after purchasing an additional 235 shares during the period. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Activity

In other news, CEO Philip R. Gallagher sold 23,920 shares of Avnet stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the completion of the sale, the chief executive officer directly owned 145,003 shares in the company, valued at approximately $12,023,648.76. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVT. Zacks Research upgraded shares of Avnet from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 14th. Raymond James Financial restated a "strong-buy" rating and issued a $95.00 price target on shares of Avnet in a research report on Thursday, April 30th. Wall Street Zen downgraded Avnet from a "strong-buy" rating to a "buy" rating in a research note on Sunday, May 10th. 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. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Avnet in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.00.

Avnet Trading Down 0.0%

Shares of AVT stock opened at $86.33 on Monday. The business's fifty day moving average price is $84.90 and its 200 day moving average price is $67.62. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $95.26. The firm has a market capitalization of $7.08 billion, a PE ratio of 33.59, a P/E/G ratio of 0.39 and a beta of 1.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05.

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

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Avnet's dividend payout ratio (DPR) is 54.47%.

Avnet Company 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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