Hsbc Holdings PLC Reduces Stock Holdings in Avnet, Inc. $AVT

Key Points

• HSBC Holdings PLC cut its stake in Avnet by 47.2% in the fourth quarter, selling 22,871 shares and ending with 25,582 shares valued at about $1.24 million.
• Avnet reported better-than-expected quarterly results, with EPS of $1.48 versus $1.33 expected and revenue of $7.12 billion, up 34% year over year.
• The company also paid a quarterly dividend of $0.35 per share and currently has a 1.6% yield, while analysts’ views are mixed with a consensus rating of Hold and an average price target of $89.

Hsbc Holdings PLC cut its stake in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 47.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 25,582 shares of the company's stock after selling 22,871 shares during the period. Hsbc Holdings PLC's holdings in Avnet were worth $1,235,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. World Investment Advisors grew its holdings in Avnet by 2.3% during the 4th quarter. World Investment Advisors now owns 9,873 shares of the company's stock valued at $475,000 after purchasing an additional 219 shares in the last quarter. Kera Capital Partners Inc. purchased a new position in Avnet in the 4th quarter valued at about $244,000. Mackenzie Financial Corp boosted its position in Avnet by 24.7% in the 4th quarter. Mackenzie Financial Corp now owns 33,651 shares of the company's stock valued at $1,644,000 after buying an additional 6,656 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Avnet by 69.5% during the fourth quarter. XTX Topco Ltd now owns 9,219 shares of the company's stock valued at $443,000 after acquiring an additional 3,779 shares in the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Avnet by 4.7% during the fourth quarter. Voloridge Investment Management LLC now owns 303,501 shares of the company's stock valued at $14,592,000 after acquiring an additional 13,699 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Buying and Selling

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the company's 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 directly owned 145,003 shares in the company, valued at $12,023,648.76. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by insiders.

Avnet Price Performance

Shares of AVT opened at $87.13 on Monday. Avnet, Inc. has a one year low of $44.25 and a one year high of $95.26. The stock's fifty day moving average is $86.54 and its 200-day moving average is $70.12. 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 firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09.

Avnet (NASDAQ:AVT - Get Free Report) last released its 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 net margin of 0.86% and a return on equity of 7.07%. The firm had revenue of $7.12 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter last year, the company earned $0.84 EPS. Avnet's quarterly revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Equities analysts anticipate that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.6%. Avnet's payout ratio is presently 54.47%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Raymond James Financial reissued a "strong-buy" rating and issued a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Wells Fargo & Company lifted their price target on shares of Avnet from $60.00 to $70.00 and gave the stock an "underweight" rating in a research note on Thursday, April 30th. Zacks Research cut shares of Avnet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 30th. Truist Financial increased their price objective on shares of Avnet to $95.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Avnet in a report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Avnet currently has a consensus rating of "Hold" and an average 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.

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.