First National Bank of Omaha Invests $3.24 Million in Avnet, Inc. $AVT

Key Points

• First National Bank of Omaha purchased 36,486 Avnet shares worth approximately $3.24 million in the second quarter. Institutional investors collectively own 95.78% of the company.
• Avnet reported quarterly EPS of $2.28, beating estimates of $1.80, while revenue reached $8.30 billion, up 47.7% year over year and above consensus expectations.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $93.25; Truist raised its target to $110. Meanwhile, CEO Philip Gallagher sold 51,900 shares for roughly $5.11 million.

First National Bank of Omaha bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 36,486 shares of the company's stock, valued at approximately $3,241,000.

Other hedge funds have also recently made changes to their positions in the company. Jefferies Financial Group Inc. bought a new position in Avnet in the 4th quarter worth about $602,000. Jupiter Asset Management Ltd. purchased a new position in shares of Avnet during the fourth quarter worth approximately $4,865,000. GSA Capital Partners LLP raised its stake in shares of Avnet by 255.2% during the fourth quarter. GSA Capital Partners LLP now owns 41,830 shares of the company's stock valued at $2,011,000 after acquiring an additional 30,052 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Avnet during the first quarter valued at approximately $2,400,000. Finally, LSV Asset Management boosted its holdings in shares of Avnet by 7.6% in the fourth quarter. LSV Asset Management now owns 2,811,171 shares of the company's stock valued at $135,161,000 after purchasing an additional 197,400 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Insider Transactions at Avnet

In other news, 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 directly owned 168,923 shares of the company's stock, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.90% of the company's stock.

Avnet Stock Performance

AVT stock opened at $93.40 on Wednesday. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00. The firm has a market cap of $7.66 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 0.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The firm has a 50-day simple moving average of $89.37 and a two-hundred day simple moving average of $77.84.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.80 by $0.48. The firm had revenue of $8.30 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities analysts forecast that Avnet, Inc. will post 9.66 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently issued reports on AVT shares. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 25th. Truist Financial lifted their target price on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Raymond James Financial reiterated a "strong-buy" rating and issued a $95.00 target price on shares of Avnet in a report on Thursday, April 30th. Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Finally, Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $93.25.

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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