GSA Capital Partners LLP Raises Stock Holdings in Avnet, Inc. $AVT

Key Points

• GSA Capital Partners increased its Avnet stake by 255.2% in the fourth quarter, ending with 41,830 shares valued at about $2.0 million.
• Avnet beat quarterly expectations, reporting $1.48 EPS on $7.12 billion in revenue, both above estimates, while revenue rose 34% year over year.
• CEO Philip R. Gallagher sold shares worth about $1.98 million, reducing his ownership by 14.16%, even as analysts maintained a generally positive outlook with a consensus Moderate Buy rating and $89 price target.

GSA Capital Partners LLP boosted its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 255.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,830 shares of the company's stock after purchasing an additional 30,052 shares during the quarter. GSA Capital Partners LLP owned approximately 0.05% of Avnet worth $2,011,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in Avnet by 2.0% during the third quarter. Vanguard Group Inc. now owns 10,783,059 shares of the company's stock worth $563,738,000 after purchasing an additional 214,290 shares in the last quarter. American Century Companies Inc. boosted its position in Avnet by 3.4% during the third quarter. American Century Companies Inc. now owns 3,751,726 shares of the company's stock worth $196,140,000 after purchasing an additional 124,466 shares in the last quarter. AQR Capital Management LLC boosted its position in Avnet by 34.8% during the third quarter. AQR Capital Management LLC now owns 2,265,679 shares of the company's stock worth $117,974,000 after purchasing an additional 585,141 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Avnet by 5.3% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 2,011,676 shares of the company's stock worth $105,170,000 after purchasing an additional 101,873 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in Avnet by 13.9% during the third quarter. Bank of America Corp DE now owns 1,041,359 shares of the company's stock worth $54,442,000 after purchasing an additional 127,118 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Activity at Avnet

In related news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.90% of the company's stock.

Avnet Price Performance

NASDAQ:AVT opened at $82.31 on Wednesday. Avnet, Inc. has a one year low of $44.25 and a one year high of $87.46. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01. The stock has a market cap of $6.75 billion, a PE ratio of 32.03, a P/E/G ratio of 0.38 and a beta of 1.09. The stock has a 50 day moving average price of $70.38 and a 200 day moving average price of $59.48.

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

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Wednesday, March 4th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, March 4th. Avnet's dividend payout ratio (DPR) is currently 54.47%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on AVT shares. Truist Financial increased their price target on Avnet to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Weiss Ratings downgraded Avnet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 19th. Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and increased their target price for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Wells Fargo & Company increased their target price on Avnet from $60.00 to $70.00 and gave the company an "underweight" rating in a report on Thursday, April 30th. Finally, Raymond James Financial reissued a "strong-buy" rating and set a $95.00 target price on shares of Avnet in a report on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $89.00.

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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