Great Lakes Advisors LLC Purchases New Holdings in Avnet, Inc. $AVT

Great Lakes Advisors LLC acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 47,733 shares of the company’s stock, valued at approximately $4,240,000. Great Lakes Advisors LLC owned about 0.06% of Avnet as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in AVT. Foster & Motley Inc. purchased a new position in shares of Avnet in the 2nd quarter valued at approximately $11,263,000. First National Bank of Omaha purchased a new position in Avnet in the 2nd quarter valued at $3,241,000. Alpine Woods Capital Investors LLC purchased a new position in Avnet in the 2nd quarter valued at $332,000. Meeder Asset Management Inc. acquired a new position in Avnet in the 2nd quarter valued at $2,978,000. Finally, Pzena Investment Management LLC purchased a new position in Avnet during the 2nd quarter worth $277,153,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in 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. Wells Fargo & Company lifted their price objective on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. 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. Wall Street Zen raised 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 research note on Thursday, August 6th. Two investment 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 company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Avnet Trading Down 1.6%

Shares of AVT opened at $86.89 on Friday. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average is $89.39 and its two-hundred day moving average is $78.19. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $100.00. The firm has a market capitalization of $7.13 billion, a P/E ratio of 21.78, a PEG ratio of 0.29 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.48. The company had revenue of $8.30 billion during the quarter, compared to the consensus estimate of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company’s revenue for the quarter was up 47.7% on a year-over-year basis. During the same period last year, the firm earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, research analysts predict that Avnet, Inc. will post 9.66 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be issued a dividend of $0.37 per share. This is a boost from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet’s payout ratio is presently 35.09%.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the business’s 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 directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.90% of the company’s stock.

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.