Bank of America Corp DE Purchases New Position in Avnet, Inc. $AVT

Key Points

• Bank of America acquired 1.03 million Avnet shares worth approximately $91.8 million during the second quarter, giving it a 1.26% stake. Institutional investors collectively own 95.78% of the company.
• Avnet reported strong quarterly results, with earnings of $2.28 per share versus the $1.80 consensus estimate and revenue of $8.30 billion, up 47.7% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $93.25.
• Avnet increased its quarterly dividend from $0.35 to $0.37 per share, equivalent to a 1.5% annual yield. Meanwhile, CEO Philip Gallagher and SVP Michael McCoy each sold sizable portions of their holdings.

Bank of America Corp DE acquired a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,034,043 shares of the company's stock, valued at approximately $91,844,000. Bank of America Corp DE owned approximately 1.26% of Avnet at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVT. Empowered Funds LLC boosted its holdings in Avnet by 1.9% during the first quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock worth $421,000 after buying an additional 129 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in shares of Avnet by 0.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company's stock worth $1,264,000 after acquiring an additional 159 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its stake in shares of Avnet by 1.6% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company's stock valued at $671,000 after purchasing an additional 176 shares in the last quarter. Elevation Wealth Partners LLC raised its holdings in Avnet by 38.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock worth $59,000 after purchasing an additional 185 shares during the period. Finally, Summit Securities Group LLC increased its position in shares of Avnet by 32.1% in the first quarter. Summit Securities Group LLC now owns 765 shares of the company's stock valued at $47,000 after buying an additional 186 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVT. 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, August 6th. Wells Fargo & Company increased their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a report on Monday, July 20th. Wall Street Zen upgraded shares of Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 25th. Zacks Research upgraded shares of Avnet from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Weiss Ratings raised shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $93.25.

Avnet Stock Up 3.2%

Shares of NASDAQ AVT opened at $96.12 on Friday. The firm has a market cap of $7.89 billion, a price-to-earnings ratio of 24.09, a PEG ratio of 0.28 and a beta of 1.10. 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 business's 50 day moving average is $90.96 and its two-hundred day moving average is $81.88. 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 issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, beating the consensus estimate 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%. The firm's revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Research analysts predict that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, September 9th. This is a positive change from Avnet's previous quarterly dividend of $0.35. Avnet's dividend payout ratio (DPR) is 37.09%.

Insider Buying and Selling at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the transaction, the senior vice president owned 76,674 shares in the company, valued at approximately $6,985,001.40. The trade was a 29.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Philip R. Gallagher sold 51,900 shares of the stock in a transaction 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 $16,632,158.58. This trade represents a 23.50% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Avnet Profile

Avnet, Inc is a global technology distributor that helps manufacturers, engineers and other customers source electronic components and develop products. The company connects semiconductor and electronic-component suppliers with original equipment manufacturers, electronic manufacturing services providers and independent design firms.

Its offerings include semiconductors, embedded processors and computing products, memory, interconnect solutions, passive and electromechanical components, and related hardware and software.

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