SummerHaven Investment Management LLC Acquires 14,916 Shares of Avnet, Inc. $AVT

Key Points

• SummerHaven Investment Management initiated a position in Avnet by purchasing 14,916 shares valued at approximately $1.49 million. Institutional investors collectively own 95.78% of Avnet’s outstanding stock.
• Avnet reported quarterly adjusted earnings of $2.28 per share and revenue of $8.30 billion, surpassing analyst expectations, while revenue rose 47.7% year over year. The company issued first-quarter 2027 EPS guidance of $2.80–$2.90.
• Avnet increased its quarterly dividend to $0.37 per share, representing a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $93.25, though two senior executives recently sold shares.

SummerHaven Investment Management LLC acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 14,916 shares of the company's stock, valued at approximately $1,491,000. Avnet comprises about 1.0% of SummerHaven Investment Management LLC's portfolio, making the stock its 19th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. Frank Rimerman Advisors LLC bought a new position in Avnet in the third quarter valued at $219,000. USA Financial Formulas purchased a new stake in Avnet during the third quarter valued at about $226,000. TD Waterhouse Canada Inc. raised its position in Avnet by 225.6% during the third quarter. TD Waterhouse Canada Inc. now owns 814 shares of the company's stock valued at $83,000 after purchasing an additional 564 shares in the last quarter. Cyndeo Wealth Partners LLC bought a new stake in Avnet during the third quarter worth about $256,000. Finally, Assenagon Asset Management S.A. lifted its stake in Avnet by 13.6% during the third quarter. Assenagon Asset Management S.A. now owns 448,855 shares of the company's stock worth $44,863,000 after purchasing an additional 53,648 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Avnet Price Performance

Shares of Avnet stock opened at $90.03 on Friday. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $108.63. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 22.56, a price-to-earnings-growth ratio of 0.27 and a beta of 1.06. The company has a fifty day moving average of $95.43 and a 200-day moving average of $87.35. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $1.80 by $0.48. The company had revenue of $8.30 billion for the quarter, compared to analyst estimates of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm's quarterly revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities research analysts expect that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis 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 was Wednesday, September 9th. Avnet's payout ratio is 37.09%.

Analysts Set New Price Targets

AVT has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Avnet from $70.00 to $72.00 and gave the stock an "underweight" rating in a report on Monday, July 20th. Truist Financial increased their price objective on Avnet from $95.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings raised Avnet from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 9th. Zacks Research upgraded Avnet from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 7th. Finally, Wall Street Zen raised Avnet from a "buy" rating to a "strong-buy" rating in a research note on Saturday. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Avnet currently has an average rating of "Moderate Buy" and a consensus price target of $93.25.

Insider Transactions at Avnet

In other news, 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 value of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares in the company, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 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 approximately $6,985,001.40. This represents a 29.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.00% of the stock is currently owned by company insiders.

About Avnet

Avnet, Inc is a global technology distributor and solutions provider that connects electronic component manufacturers with customers ranging from original equipment manufacturers and contract manufacturers to design engineers and startups. The company distributes semiconductors, interconnect products, passive and electromechanical components, and embedded computing products used in industrial, automotive, communications, aerospace and defense, healthcare, and consumer applications.

In addition to component distribution, Avnet provides engineering and design support, embedded systems, product customization, supply chain management, logistics, and other services intended to help customers move products from concept and prototyping through production.

Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NASDAQ:AVT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.