Sei Investments Co. Raises Position in Avnet, Inc. $AVT

Key Points

• Sei Investments Co. increased its Avnet stake by 44.1% in the first quarter, ending with 757,629 shares worth about $46.7 million.
• Several other institutional investors also added or adjusted positions, and 95.78% of Avnet’s stock is held by hedge funds and other institutions.
• Analysts are generally more upbeat on AVT after recent upgrades, with a consensus rating of “Moderate Buy” and an average price target of $89.50; Avnet also beat last quarter’s earnings and revenue estimates.

Sei Investments Co. boosted its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 44.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 757,629 shares of the company's stock after purchasing an additional 231,977 shares during the period. Sei Investments Co. owned about 0.92% of Avnet worth $46,685,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of AVT. Lido Advisors LLC acquired a new stake in shares of Avnet in the 1st quarter valued at approximately $222,000. Globeflex Capital L P acquired a new stake in Avnet in the first quarter valued at $153,000. State of Wyoming purchased a new stake in shares of Avnet during the 1st quarter worth $234,000. PNC Financial Services Group Inc. grew its stake in shares of Avnet by 3.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company's stock worth $318,000 after purchasing an additional 189 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in shares of Avnet by 316.3% in the 1st quarter. Meeder Asset Management Inc. now owns 33,527 shares of the company's stock valued at $2,066,000 after purchasing an additional 25,474 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVT. Wall Street Zen raised shares of Avnet from a "buy" rating to a "strong-buy" rating in a report on Saturday. Bank of America upgraded 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. Truist Financial upped their price objective on Avnet to $95.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Wells Fargo & Company increased their price objective on Avnet from $70.00 to $72.00 and gave the company an "underweight" rating in a research note on Monday, July 20th. Finally, Weiss Ratings upgraded Avnet from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Avnet has a consensus rating of "Moderate Buy" and an average price target of $89.50.

Avnet Stock Performance

Shares of AVT stock opened at $89.42 on Friday. Avnet, Inc. has a one year low of $44.25 and a one year high of $95.26. 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 company has a 50 day moving average price of $87.31 and a 200 day moving average price of $72.65. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share (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 company 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 company earned $0.84 EPS. The business's quarterly revenue was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Sell-side analysts anticipate that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. Avnet's payout ratio is 54.47%.

Insider Activity

In other Avnet 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 transaction of $1,983,446.40. Following the transaction, the chief executive officer owned 145,003 shares of the company's stock, valued at $12,023,648.76. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.90% of the company's stock.

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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