Mirae Asset Global Investments Co. Ltd. Acquires 18,478 Shares of Avnet, Inc. $AVT

Key Points

• Mirae Asset Global Investments opened a new position in Avnet, acquiring 18,478 shares in the third quarter, worth approximately $1.85 million. Institutional investors collectively own 95.78% of the stock.
• Avnet reported quarterly earnings of $3.63 per share, beating the $2.86 consensus estimate, while revenue of $10.72 billion exceeded expectations and rose 81.7% year over year.
• Analyst views are mixed but average to a “Moderate Buy” rating, with a consensus price target of $100.25. Separately, Avnet’s CEO and a senior vice president reported selling shares.

Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,478 shares of the company's stock, valued at approximately $1,847,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Empowered Funds LLC grew its holdings in shares of 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 purchasing an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in 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. Elevation Wealth Partners LLC lifted its holdings in Avnet by 38.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 666 shares of the company's stock valued at $59,000 after purchasing an additional 185 shares during the last quarter. Summit Securities Group LLC boosted its position in Avnet by 32.1% in the first quarter. Summit Securities Group LLC now owns 765 shares of the company's stock valued at $47,000 after buying an additional 186 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Avnet by 3.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company's stock valued at $318,000 after buying an additional 189 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Trending Headlines about Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet’s fiscal Q1 results reportedly beat expectations, with record sales, broad-based component demand and margin gains. Higher memory pricing and upbeat Q2 guidance also point to continued near-term momentum, though tighter supply and increased working-capital needs are considerations. Article: Avnet Q1 Earnings Beat Estimates on Record Sales & Strong Demand
• Positive Sentiment: Truist raised its price target to $125 from $110 and maintained a Buy rating, signaling confidence in Avnet’s potential. Article: Truist Financial price-target update
• Neutral Sentiment: Wells Fargo raised its target to $85 from $80 but kept an Underweight rating, reflecting a more cautious view despite the higher target. Article: Avnet Given New $85 Price Target at Wells Fargo
• Negative Sentiment: A shareholder revolt is targeting two directors after Avnet’s $550 million debt deal. The challenge could raise concerns about governance and the company’s financing decisions. Article: Avnet Shareholder Revolt Targets Two Directors After $550 Million Debt Deal

Wall Street Analysts Forecast Growth

AVT has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on shares of Avnet from $80.00 to $85.00 and gave the stock an "underweight" rating in a research note on Thursday. Wall Street Zen upgraded shares of Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 17th. Truist Financial boosted their target price on Avnet from $110.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday. Zacks Research downgraded Avnet from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. Finally, Weiss Ratings upgraded Avnet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Avnet presently has an average rating of "Moderate Buy" and an average target price of $100.25.

Insider Activity at Avnet

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the business's stock in a transaction that occurred on 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 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 document filed with the SEC, which is available at the SEC website. Also, 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 value of $5,110,074.00. Following the transaction, the chief executive officer directly owned 168,923 shares in the company, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.00% of the company's stock.

Avnet Stock Up 3.5%

Shares of NASDAQ:AVT opened at $79.28 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.73 and a debt-to-equity ratio of 0.63. The firm has a market cap of $6.52 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.24 and a beta of 1.11. Avnet, Inc. has a 12 month low of $44.25 and a 12 month high of $108.63. The company's 50-day moving average price is $94.24 and its two-hundred day moving average price is $81.57.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, topping analysts' consensus estimates of $2.86 by $0.77. Avnet had a net margin of 1.74% and a return on equity of 14.15%. The company had revenue of $10.72 billion during the quarter, compared to the consensus estimate of $9.22 billion. During the same period in the previous year, the firm posted $0.84 earnings per share. The company's revenue was up 81.7% on a year-over-year basis. As a group, research analysts forecast that Avnet, Inc. will post 11.55 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were issued a $0.37 dividend. This is an increase from Avnet's previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 9th. Avnet's dividend payout ratio (DPR) is 22.22%.

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.

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