13,071 Shares in Avnet, Inc. $AVT Acquired by Freestone Grove Partners LP

Freestone Grove Partners LP acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 13,071 shares of the company’s stock, valued at approximately $1,161,000.

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

Insider Transactions at Avnet

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

Avnet Price Performance

NASDAQ AVT opened at $88.63 on Friday. The firm’s fifty day simple moving average is $89.13 and its two-hundred day simple moving average is $79.13. The firm has a market capitalization of $7.27 billion, a P/E ratio of 22.21, a P/E/G ratio of 0.27 and a beta of 1.09. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. Avnet, Inc. has a 12-month low of $44.25 and a 12-month high of $100.00.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $1.80 by $0.48. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The firm had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the prior year, the business posted $0.81 EPS. The business’s revenue for the quarter was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Analysts forecast that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. The ex-dividend date is Wednesday, September 9th. This is a positive change from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. Avnet’s payout ratio is presently 35.09%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Zacks Research upgraded Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Bank of America raised 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 research report on Wednesday, May 13th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Finally, Truist Financial lifted their price target on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two 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 MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $93.25.

About Avnet

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.