Squarepoint Ops LLC Increases Stake in Avnet, Inc. $AVT

Key Points

• Institutional ownership increased significantly: Squarepoint Ops raised its Avnet stake by 59.8% to 149,226 shares, while institutional investors collectively owned 95.78% of the stock.
• Analyst sentiment improved: Several firms upgraded Avnet, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $93.25.
• Avnet delivered strong quarterly results and raised its dividend: Quarterly EPS of $2.28 exceeded estimates by $0.48, revenue rose 47.7% year over year, and the quarterly dividend increased to $0.37 from $0.35.

Squarepoint Ops LLC raised its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 59.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 149,226 shares of the company's stock after purchasing an additional 55,848 shares during the quarter. Squarepoint Ops LLC owned 0.18% of Avnet worth $13,254,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of AVT. BlackRock Inc. purchased a new stake in shares of Avnet during the second quarter valued at approximately $916,146,000. California State Teachers Retirement System raised its holdings in Avnet by 8,833.7% in the 2nd quarter. California State Teachers Retirement System now owns 8,394,556 shares of the company's stock worth $745,604,000 after acquiring an additional 8,300,591 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Avnet by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company's stock valued at $362,655,000 after acquiring an additional 22,137 shares in the last quarter. Pzena Investment Management LLC bought a new position in Avnet in the 2nd quarter valued at approximately $277,153,000. Finally, AQR Capital Management LLC boosted its stake in Avnet by 30.7% during the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company's stock valued at $142,394,000 after purchasing an additional 695,929 shares during the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVT has been the subject of a number of research analyst reports. Zacks Research raised Avnet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 25th. 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 report on Wednesday, May 13th. Truist Financial boosted their target price on Avnet from $95.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Avnet from a "hold (c+)" rating to a "buy (b)" rating in a research note on Friday, August 14th. 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $93.25.

Insider Activity

In other news, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the transaction, the senior vice president directly owned 76,674 shares of the company's stock, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip R. Gallagher sold 51,900 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares of the company's stock, valued at approximately $16,632,158.58. This trade represents a 23.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Avnet Trading Down 0.7%

Shares of Avnet stock opened at $91.74 on Thursday. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. The company's fifty day simple moving average is $89.47 and its 200-day simple moving average is $80.64. 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 stock has a market capitalization of $7.53 billion, a PE ratio of 22.99, a P/E/G ratio of 0.28 and a beta of 1.10.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $1.80 by $0.48. The firm had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.Avnet's revenue was up 47.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The business also recently disclosed 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 represents a $1.48 annualized dividend and a dividend yield of 1.6%. This is an increase from Avnet's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet's dividend payout ratio is 35.09%.

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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