Bank of America Corp DE Purchases 70,345 Shares of Avnet, Inc. $AVT

Key Points

• Bank of America increased its Avnet stake by 6.4% in the first quarter, buying 70,345 shares to hold 1.17 million shares worth approximately $71.9 million. Institutional investors collectively own 95.78% of Avnet.
• Avnet reported a strong quarter, with earnings of $2.28 per share versus the $1.80 estimate and revenue of $8.30 billion, up 47.7% year over year. The company issued fiscal Q1 2027 EPS guidance of $2.80–$2.90.
• Analyst sentiment is mixed: Avnet has a consensus rating of “Hold” and an average price target of $93.25, while the stock recently opened at $96.53 near its 52-week high of $100.00.

Bank of America Corp DE increased its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,166,847 shares of the company's stock after buying an additional 70,345 shares during the period. Bank of America Corp DE owned about 1.42% of Avnet worth $71,901,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Norges Bank bought a new position in Avnet during the 4th quarter worth about $62,393,000. AQR Capital Management LLC lifted its position in shares of 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 purchasing an additional 695,929 shares during the period. Jain Global LLC bought a new position in shares of Avnet during the fourth quarter valued at approximately $18,873,000. Loews Corp boosted its stake in shares of Avnet by 258.3% during the fourth quarter. Loews Corp now owns 430,000 shares of the company's stock valued at $20,674,000 after purchasing an additional 310,000 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Avnet by 75.3% during the fourth quarter. Millennium Management LLC now owns 654,695 shares of the company's stock valued at $31,478,000 after buying an additional 281,273 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

AVT has been the subject of a number of recent research reports. Weiss Ratings downgraded shares of Avnet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Truist Financial increased their target price on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday. Bank of America upgraded Avnet from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Zacks Research lowered Avnet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $93.25.

Avnet Stock Performance

NASDAQ AVT opened at $96.53 on Monday. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. The firm has a market cap of $7.92 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 0.26 and a beta of 1.09. The company has a 50 day moving average price of $88.31 and a 200 day moving average price of $75.67. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $100.00.

Avnet (NASDAQ:AVT - Get Free Report) last posted 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. The company had revenue of $8.30 billion during the quarter, compared to analysts' expectations of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. Avnet's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, sell-side analysts forecast that Avnet, Inc. will post 8.5 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Wednesday, June 3rd. Avnet's dividend payout ratio is currently 35.09%.

Avnet 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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