Jupiter Topco LLC Invests $3.10 Million in Avnet, Inc. $AVT

Key Points

• Jupiter Topco LLC acquired 34,863 Avnet shares worth approximately $3.10 million, while institutional investors collectively own 95.78% of the company.
• Avnet reported quarterly earnings of $2.28 per share, beating estimates by $0.48, with revenue rising 47.7% year over year to $8.30 billion.
• Analysts give Avnet a consensus “Moderate Buy” rating with a $93.25 price target; the company also raised its quarterly dividend to $0.37 per share, while its CEO and a senior vice president recently sold significant portions of their holdings.

Jupiter Topco LLC bought a new position in Avnet, Inc. (NASDAQ:AVT - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 34,863 shares of the company's stock, valued at approximately $3,097,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in Avnet by 1.9% in the 1st quarter. Empowered Funds LLC now owns 6,833 shares of the company's stock worth $421,000 after acquiring an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised 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 worth $1,264,000 after acquiring an additional 159 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its position 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 acquiring an additional 176 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of Avnet by 2.1% during the 4th quarter. Quadrant Capital Group LLC now owns 8,778 shares of the company's stock valued at $422,000 after acquiring an additional 184 shares during the last quarter. Finally, Elevation Wealth Partners LLC grew its holdings in shares of Avnet by 38.5% in 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 institutional investors.

Insider Buying and Selling at Avnet

In other news, SVP Michael Ryan Mccoy sold 32,052 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the sale, the senior vice president owned 76,674 shares in the company, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction dated 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on AVT shares. Weiss Ratings upgraded shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research report on Friday, August 14th. Wells Fargo & Company increased their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research report on Monday, July 20th. Truist Financial lifted their price objective on shares of Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Bank of America upgraded shares of Avnet from an "underperform" rating to a "neutral" rating and boosted their target price for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 25th. 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 assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $93.25.

Avnet Price Performance

NASDAQ:AVT opened at $89.99 on Thursday. The firm has a market capitalization of $7.39 billion, a price-to-earnings ratio of 22.55, a PEG ratio of 0.27 and a beta of 1.10. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. The business has a 50 day simple moving average of $89.10 and a 200-day simple moving average of $79.71. Avnet, Inc. has a 1 year low of $44.25 and a 1 year high of $100.00.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 9.57% and a net margin of 1.21%.The company's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities analysts forecast that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be paid a $0.37 dividend. This is an increase from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet's payout ratio is currently 35.09%.

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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