Avnet, Inc. $AVT Shares Purchased by California State Teachers Retirement System

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Avnet stake by 0.6% to 94,512 shares, while institutional investors and hedge funds collectively own 95.78% of the company.
• Strong quarterly results supported the stock: Avnet reported $2.28 in quarterly EPS versus the $1.80 consensus estimate and revenue of $8.30 billion, up 47.7% year over year. The company also increased its quarterly dividend to $0.37 per share.
• Analyst sentiment is broadly positive: Avnet has a “Moderate Buy” consensus rating and a $93.25 average price target, although company insiders recently sold shares and Wells Fargo maintained an underweight rating.

California State Teachers Retirement System grew its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,512 shares of the company's stock after buying an additional 547 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Avnet worth $8,394,556 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Avnet during the 2nd quarter worth approximately $25,000. State of Wyoming bought a new stake in Avnet during the 2nd quarter worth approximately $37,000. Hantz Financial Services Inc. raised its position in shares of Avnet by 62.0% in the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company's stock valued at $41,000 after purchasing an additional 326 shares during the period. Summit Securities Group LLC raised its holdings in shares of Avnet by 32.1% during the 1st 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. Finally, Elevation Wealth Partners LLC increased its stake in Avnet by 38.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock valued at $59,000 after purchasing an additional 185 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the sale, the senior vice president directly owned 76,674 shares in the company, valued at $6,985,001.40. The trade was a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Philip R. Gallagher sold 51,900 shares of the company's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares of the company's stock, valued at $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Avnet Stock Up 0.4%

Avnet stock traded up $0.41 during mid-day trading on Tuesday, hitting $92.75. 395,778 shares of the company's stock were exchanged, compared to its average volume of 1,228,835. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. The stock has a market cap of $7.61 billion, a P/E ratio of 23.22, a P/E/G ratio of 0.30 and a beta of 1.10. The stock has a 50 day moving average of $90.23 and a two-hundred day moving average of $81.23. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share 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 return on equity of 9.57% and a net margin of 1.21%.Avnet's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 1.6%. 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%.

Wall Street Analysts Forecast Growth

AVT has been the topic of several analyst reports. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Truist Financial upped their price objective on shares of Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Avnet presently has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.