Freestone Grove Partners LP Takes Position in Avnet, Inc. $AVT

Key Points

• Freestone Grove Partners acquired 13,071 Avnet shares worth approximately $1.16 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 and rose 47.7% year over year. The company also raised its quarterly dividend to $0.37 per share, implying a 1.7% yield.
• Analysts maintain a generally positive view, with an average “Moderate Buy” rating and a $93.25 price target, although insider selling included significant share reductions by the CEO and a senior vice president.

Freestone Grove Partners LP bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,071 shares of the company's stock, valued at approximately $1,161,000.

Several other institutional investors also recently bought and sold shares of AVT. Empowered Funds LLC increased its holdings in Avnet by 1.9% in the 1st quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock valued at $421,000 after acquiring an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Avnet by 0.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company's stock valued at $1,264,000 after purchasing an additional 159 shares during the last quarter. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Avnet by 1.6% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company's stock valued at $671,000 after purchasing an additional 176 shares during the last quarter. Quadrant Capital Group LLC grew its position in shares of Avnet by 2.1% during the fourth quarter. Quadrant Capital Group LLC now owns 8,778 shares of the company's stock valued at $422,000 after purchasing an additional 184 shares in the last quarter. Finally, Elevation Wealth Partners LLC grew 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 valued at $59,000 after purchasing an additional 185 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Trading Down 3.1%

Shares of AVT opened at $88.63 on Friday. The company's fifty day simple moving average is $89.13 and its 200-day simple moving average is $79.13. The company has a market cap of $7.27 billion, a P/E ratio of 22.21, a P/E/G ratio of 0.27 and a beta of 1.09. 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, Inc. has a twelve month low of $44.25 and a twelve month high of $100.00.

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, topping analysts' consensus estimates of $1.80 by $0.48. The firm had revenue of $8.30 billion during the quarter, compared to analysts' expectations of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, analysts expect that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 1.7%. This is a boost from Avnet's previous quarterly dividend of $0.35. The ex-dividend date is Wednesday, September 9th. Avnet's dividend payout ratio (DPR) is presently 35.09%.

Analysts Set New Price Targets

A number of research firms recently commented on AVT. Truist Financial boosted their target price on Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price objective on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a research note on Monday, July 20th. Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Wall Street Zen upgraded Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 25th. Finally, Zacks Research raised shares of Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $93.25.

Insider Activity at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the business's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the transaction, the senior vice president owned 76,674 shares in the company, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Philip R. Gallagher sold 51,900 shares of the business's stock in a transaction on 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 sale, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by insiders.

About Avnet

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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