Norges Bank Takes Position in Avnet, Inc. $AVT

Norges Bank acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the 4th quarter, HoldingsChannel reports. The firm acquired 1,297,691 shares of the company’s stock, valued at approximately $62,393,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVT. Royal Bank of Canada lifted its position in Avnet by 3.0% in the first quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock valued at $3,447,000 after purchasing an additional 2,101 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Avnet by 16.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock worth $11,148,000 after buying an additional 31,919 shares in the last quarter. United Services Automobile Association purchased a new position in shares of Avnet during the 1st quarter worth approximately $267,000. Empowered Funds LLC raised its stake in shares of Avnet by 9.3% during the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock worth $392,000 after buying an additional 696 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Avnet by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after buying an additional 16,443 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Philip R. Gallagher sold 23,920 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This trade represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is owned by company insiders.

Avnet Price Performance

AVT stock opened at $86.81 on Friday. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $95.26. The stock’s fifty day simple moving average is $77.44 and its 200-day simple moving average is $63.05. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.12 billion, a price-to-earnings ratio of 33.78, a price-to-earnings-growth ratio of 0.39 and a beta of 1.08.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share (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 business had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The business’s revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Equities research analysts expect that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Announces Dividend

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 issued a dividend of $0.35 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. Avnet’s dividend payout ratio (DPR) is 54.47%.

Analysts Set New Price Targets

AVT has been the subject of a number of analyst reports. Wall Street Zen downgraded Avnet from a “strong-buy” rating to a “buy” rating in a research note on Sunday, May 10th. Wells Fargo & Company increased their target price on Avnet from $60.00 to $70.00 and gave the stock an “underweight” rating in a research note on Thursday, April 30th. Bank of America raised Avnet from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 target price on shares of Avnet in a research note on Thursday, April 30th. Finally, Zacks Research upgraded Avnet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Avnet currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.00.

Avnet Company 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.