Great Lakes Advisors LLC Purchases Shares of 47,733 Avnet, Inc. $AVT

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

A number of other hedge funds have also modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Avnet in the 2nd quarter valued at approximately $25,000. Summit Securities Group LLC purchased a new position in Avnet during the fourth quarter worth $28,000. BOKF NA raised its holdings in shares of Avnet by 1,116.7% in the third quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after acquiring an additional 536 shares during the last quarter. State of Wyoming acquired a new position in shares of Avnet in the second quarter worth $37,000. Finally, Hantz Financial Services Inc. lifted its position in shares of Avnet by 62.0% in the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock valued at $41,000 after acquiring an additional 326 shares in the last quarter. 95.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on AVT. 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 research report on Wednesday, May 13th. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. Finally, Truist Financial raised their target price on shares of Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. 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 assigned a Sell rating to the company. According to MarketBeat.com, Avnet currently has an average rating of “Moderate Buy” and an average price target of $93.25.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 168,923 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.90% of the company’s stock.

Avnet Stock Performance

Shares of AVT stock opened at $86.89 on Friday. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The company has a 50 day moving average price of $89.39 and a 200 day moving average price of $78.19. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 21.78, a price-to-earnings-growth 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 for the quarter, topping analysts’ consensus estimates of $1.80 by $0.48. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company had revenue of $8.30 billion for the quarter, compared to the consensus estimate of $7.56 billion. During the same quarter last year, the firm posted $0.81 earnings per share. Avnet’s revenue was up 47.7% on a year-over-year basis. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Sell-side analysts anticipate that Avnet, Inc. will post 9.66 EPS for the current year.

Avnet Increases Dividend

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

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.