California State Teachers Retirement System Acquires 8,300,591 Shares of Avnet, Inc. $AVT

Key Points

• California State Teachers Retirement System increased its Avnet stake by 8,300,591 shares in the second quarter, bringing its holdings to 8,394,556 shares, or 10.23% of the company. Institutional investors collectively own 95.78% of Avnet.
• Avnet reported quarterly EPS of $2.28, beating estimates of $1.80, while revenue rose 47.7% year over year to $8.30 billion. Analysts hold a consensus “Moderate Buy” rating with a $93.25 price target.
• The company raised its quarterly dividend to $0.37 per share from $0.35, implying an annualized dividend of $1.48 and a 1.5% yield. Meanwhile, Avnet’s CEO and a senior vice president sold shares in August.

California State Teachers Retirement System raised its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 8,833.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,394,556 shares of the company's stock after purchasing an additional 8,300,591 shares during the quarter. California State Teachers Retirement System owned 10.23% of Avnet worth $745,604,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jefferies Financial Group Inc. acquired a new position in Avnet during the 4th quarter worth approximately $602,000. Foster & Motley Inc. bought a new stake in shares of Avnet during the second quarter worth $11,263,000. Jupiter Asset Management Ltd. acquired a new position in shares of Avnet during the fourth quarter worth $4,865,000. Edgestream Partners L.P. bought a new position in shares of Avnet in the 1st quarter valued at $2,400,000. Finally, Oppenheimer Asset Management Inc. bought a new position in shares of Avnet in the 2nd quarter valued at $5,838,000. Institutional investors own 95.78% of the company's stock.

Insiders Place Their Bets

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction on Wednesday, August 19th. The shares were 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 owned 76,674 shares of the company's stock, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Philip Gallagher sold 51,900 shares of Avnet stock in a transaction dated Wednesday, August 12th. The shares were 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 SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

AVT has been the subject of a number of recent research reports. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 25th. Truist Financial lifted their price target on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company boosted their price target on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a report on Monday, July 20th. Weiss Ratings raised Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 14th. Finally, Zacks Research upgraded shares of Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Two investment 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $93.25.

Avnet Stock Performance

NASDAQ:AVT opened at $99.63 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. Avnet, Inc. has a fifty-two week low of $44.25 and a fifty-two week high of $100.00. The company has a 50 day simple moving average of $90.03 and a two-hundred day simple moving average of $81.05. The company has a market capitalization of $8.18 billion, a PE ratio of 24.97, a P/E/G ratio of 0.30 and a beta of 1.10.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company's quarterly revenue was up 47.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Research analysts anticipate that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. This is a boost from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet's payout ratio is currently 37.09%.

Avnet Company 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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