Avnet, Inc. $AVT Shares Bought by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC boosted its Avnet stake by 119.4% in the first quarter, ending with 56,127 shares valued at about $3.4 million.
• Avnet reported strong quarterly results, with earnings of $1.48 per share versus $1.33 expected and revenue of $7.12 billion, up 34% year over year.
• The company also paid a quarterly dividend of $0.35 per share and has received a Moderate Buy consensus rating from analysts, with an average target price of $89.50.

Hsbc Holdings PLC raised its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 119.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,127 shares of the company's stock after purchasing an additional 30,545 shares during the quarter. Hsbc Holdings PLC owned 0.07% of Avnet worth $3,418,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Nations Financial Group Inc. IA ADV increased its position in Avnet by 1.6% during the 1st 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 in the last quarter. Quadrant Capital Group LLC grew its stake 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. Summit Securities Group LLC grew its stake in Avnet by 32.1% during the first quarter. Summit Securities Group LLC now owns 765 shares of the company's stock worth $47,000 after buying an additional 186 shares during the period. World Investment Advisors increased 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 acquiring an additional 219 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Avnet by 0.8% in the fourth quarter. Deutsche Bank AG now owns 31,122 shares of the company's stock worth $1,496,000 after acquiring an additional 234 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Stock Performance

Shares of AVT stock opened at $89.42 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05. The company's fifty day moving average price is $87.31 and its two-hundred day moving average price is $72.65. The firm has a market capitalization of $7.33 billion, a P/E ratio of 34.79, a P/E/G ratio of 0.28 and a beta of 1.09. Avnet, Inc. has a 12 month low of $44.25 and a 12 month high of $95.26.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share 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 company had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period last year, the firm earned $0.84 earnings per share. The company's revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, research analysts anticipate that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors 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 is currently 54.47%.

Analyst Ratings Changes

AVT has been the topic of several recent research reports. Bank of America upgraded shares of Avnet from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Zacks Research cut Avnet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Truist Financial increased their target price on Avnet to $95.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Avnet has a consensus rating of "Moderate Buy" and an average target price of $89.50.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the firm'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 transaction of $1,983,446.40. Following the completion of the sale, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This trade represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is currently owned by company insiders.

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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