Fifth Third Bancorp Buys 19,484 Shares of Avnet, Inc. $AVT

Key Points

• Fifth Third Bancorp significantly boosted its stake in Avnet, increasing holdings by 2,899.4% in the first quarter to 20,156 shares valued at about $1.24 million.
• Avnet’s stock has mixed signals from insiders and analysts: CEO Philip R. Gallagher sold 23,920 shares, while Wall Street currently has a Moderate Buy consensus with an average target price of $89.50.
• The company posted strong recent results, reporting Q1 EPS of $1.48 versus estimates of $1.33 and revenue of $7.12 billion, while also maintaining a quarterly dividend of $0.35 per share.

Fifth Third Bancorp increased its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 2,899.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,156 shares of the company's stock after acquiring an additional 19,484 shares during the quarter. Fifth Third Bancorp's holdings in Avnet were worth $1,242,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Summit Securities Group LLC purchased a new stake in shares of Avnet during the fourth quarter worth about $28,000. BOKF NA boosted 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 during the last quarter. Allworth Financial LP grew its stake in Avnet by 199.1% during the third quarter. Allworth Financial LP now owns 700 shares of the company's stock valued at $37,000 after acquiring an additional 466 shares in the last quarter. Hantz Financial Services Inc. increased its holdings in Avnet by 62.0% in the 4th quarter. Hantz Financial Services Inc. now owns 852 shares of the company's stock valued at $41,000 after acquiring an additional 326 shares during the last quarter. Finally, Clearstead Advisors LLC increased its holdings in Avnet by 123.7% in the 4th quarter. Clearstead Advisors LLC now owns 1,385 shares of the company's stock valued at $67,000 after acquiring an additional 766 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the transaction, the chief executive officer owned 145,003 shares of the company's stock, valued at approximately $12,023,648.76. This trade represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

AVT has been the subject of several research analyst reports. Bank of America upgraded Avnet from an "underperform" rating to a "neutral" rating and raised their price target for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Weiss Ratings raised Avnet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, July 13th. Zacks Research lowered shares of Avnet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Wall Street Zen upgraded shares of Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Avnet currently has a consensus rating of "Moderate Buy" and an average target price of $89.50.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $89.42 on Friday. The firm has a 50 day moving average of $87.31 and a 200 day moving average of $72.65. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $7.33 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $95.26.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The business had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same period in the previous year, the company posted $0.84 earnings per share. The firm's revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, sell-side analysts predict that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.35 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Avnet's dividend payout ratio (DPR) is 54.47%.

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.

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