California Public Employees Retirement System Cuts Position in Avnet, Inc. $AVT

California Public Employees Retirement System lowered its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 5.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 221,768 shares of the company's stock after selling 11,874 shares during the quarter. California Public Employees Retirement System owned 0.27% of Avnet worth $13,665,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in AVT. Norges Bank acquired a new position in shares of Avnet during the 4th quarter worth $62,393,000. AQR Capital Management LLC grew its position in Avnet by 30.7% during the fourth quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company's stock worth $142,394,000 after buying an additional 695,929 shares during the period. Jain Global LLC purchased a new position in Avnet in the fourth quarter valued at about $18,873,000. Loews Corp increased its holdings in Avnet by 258.3% in the fourth quarter. Loews Corp now owns 430,000 shares of the company's stock valued at $20,674,000 after buying an additional 310,000 shares in the last quarter. Finally, Millennium Management LLC increased its stake in Avnet by 75.3% in the 4th quarter. Millennium Management LLC now owns 654,695 shares of the company's stock valued at $31,478,000 after purchasing an additional 281,273 shares in the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. Wells Fargo & Company lifted their price objective on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research report on Monday. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $95.00 target price on shares of Avnet in a research note on Thursday, April 30th. Zacks Research downgraded Avnet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Finally, Wall Street Zen raised shares of Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $89.50.

Insiders Place Their Bets

In related news, CEO Philip R. Gallagher sold 23,920 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the sale, the chief executive officer directly owned 145,003 shares of the company's stock, valued at $12,023,648.76. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by corporate insiders.

Avnet Stock Down 0.6%

Shares of Avnet stock opened at $89.42 on Friday. The business has a 50-day moving average of $87.31 and a 200-day moving average of $72.65. 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 has a market capitalization of $7.33 billion, a PE ratio of 34.79, a P/E/G ratio of 0.28 and a beta of 1.09. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $95.26.

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

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. 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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