Connor Clark & Lunn Investment Management Ltd. Makes New $22.23 Million Investment in Avnet, Inc. $AVT

Key Points

• Connor Clark & Lunn Investment Management purchased 250,229 Avnet shares worth approximately $22.23 million, giving it a 0.31% stake. Institutional investors collectively own 95.78% of the company.
• Avnet reported quarterly earnings of $2.28 per share, beating estimates of $1.80, while revenue rose 47.7% year over year to $8.30 billion. Analysts maintain a consensus “Moderate Buy” rating with a $93.25 target price.
• The company increased its quarterly dividend from $0.35 to $0.37 per share, equivalent to a $1.48 annualized payout and a 1.7% yield. Meanwhile, Avnet’s CEO and a senior vice president sold significant portions of their holdings.

Connor Clark & Lunn Investment Management Ltd. bought a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 250,229 shares of the company's stock, valued at approximately $22,225,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.31% of Avnet as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Avnet in the 2nd quarter worth approximately $25,000. State of Wyoming bought a new stake in Avnet during the 2nd quarter valued at $37,000. Summit Securities Group LLC bought a new stake in Avnet during the 4th quarter valued at $28,000. BOKF NA lifted its position in shares of Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company's stock worth $31,000 after acquiring an additional 536 shares in the last quarter. Finally, Elevation Wealth Partners LLC lifted its position in shares of Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock worth $59,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Insider Transactions at Avnet

In other news, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction dated 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 completion of the sale, the chief executive officer owned 168,923 shares in the company, valued at approximately $16,632,158.58. This trade represents a 23.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business's 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 transaction, the senior vice president directly owned 76,674 shares of the company's stock, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AVT shares. 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 research report on Wednesday, May 13th. Raymond James Financial reiterated a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. Weiss Ratings raised Avnet from a "hold (c+)" rating to a "buy (b)" rating in a report on Friday, August 14th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Finally, Truist Financial lifted their target price on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $93.25.

Avnet Stock Performance

NASDAQ AVT opened at $87.57 on Wednesday. The company's 50 day simple moving average is $89.18 and its two-hundred day simple moving average is $78.70. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. Avnet, Inc. has a 1 year low of $44.25 and a 1 year high of $100.00. The stock has a market capitalization of $7.19 billion, a PE ratio of 21.95, a P/E/G ratio of 0.26 and a beta of 1.09.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly 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 firm had revenue of $8.30 billion during 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 business's revenue for the quarter was up 47.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Analysts predict that Avnet, Inc. will post 10.45 earnings per share for the current fiscal year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be given a dividend of $0.37 per share. The ex-dividend date is Wednesday, September 9th. This is a positive change from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.7%. Avnet's dividend payout ratio (DPR) is presently 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source