Norges Bank Invests $62.39 Million in Avnet, Inc. $AVT

Norges Bank bought a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,297,691 shares of the company's stock, valued at approximately $62,393,000. Norges Bank owned approximately 1.59% of Avnet as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. World Investment Advisors lifted its position in Avnet by 2.3% during the fourth quarter. World Investment Advisors now owns 9,873 shares of the company's stock worth $471,000 after buying an additional 219 shares in the last quarter. MAI Capital Management lifted its position in Avnet by 53.7% during the third quarter. MAI Capital Management now owns 673 shares of the company's stock worth $35,000 after buying an additional 235 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Avnet by 53.9% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company's stock worth $35,000 after buying an additional 258 shares in the last quarter. Lazard Asset Management LLC lifted its position in Avnet by 1.0% during the second quarter. Lazard Asset Management LLC now owns 28,877 shares of the company's stock worth $1,532,000 after buying an additional 279 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its position in Avnet by 132.7% during the third quarter. Hantz Financial Services Inc. now owns 526 shares of the company's stock worth $27,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

Insider Activity

In other news, CEO Philip R. Gallagher sold 23,920 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the completion of the transaction, the chief executive officer directly owned 145,003 shares of the company's stock, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.90% of the company's stock.

Avnet Trading Down 1.5%

Shares of NASDAQ AVT opened at $86.81 on Friday. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $95.26. The stock has a market capitalization of $7.12 billion, a PE ratio of 33.78, a PEG ratio of 0.39 and a beta of 1.08. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50. The stock has a fifty day simple moving average of $77.44 and a 200-day simple moving average of $63.05.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, topping 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 period in the previous year, the firm posted $0.84 EPS. Avnet'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. On average, equities analysts forecast that Avnet, Inc. will post 5.12 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, June 3rd. Avnet's dividend payout ratio is currently 54.47%.

Analysts Set New Price Targets

A number of brokerages recently commented on AVT. Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 14th. Bank of America upgraded Avnet from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Weiss Ratings downgraded Avnet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, March 19th. Truist Financial lifted their price objective on Avnet to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Finally, Wall Street Zen downgraded Avnet from a "strong-buy" rating to a "buy" rating in a research report on Sunday, May 10th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

Avnet Profile

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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