Avnet, Inc. $AVT Shares Sold by Tidal Investments LLC

Tidal Investments LLC decreased its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 16.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 35,627 shares of the company’s stock after selling 6,769 shares during the period. Tidal Investments LLC’s holdings in Avnet were worth $3,164,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Avnet in the 2nd quarter worth approximately $916,146,000. Pzena Investment Management LLC acquired a new stake in Avnet during the second quarter valued at approximately $277,153,000. Norges Bank bought a new stake in Avnet during the fourth quarter worth approximately $62,393,000. Bank of America Corp DE bought a new stake in Avnet during the second quarter worth approximately $91,844,000. Finally, Bank of New York Mellon Corp acquired a new position in Avnet in the second quarter worth approximately $74,897,000. Institutional investors own 95.78% of the company’s stock.

Avnet Stock Up 0.3%

AVT stock opened at $92.64 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. The firm has a market capitalization of $7.60 billion, a P/E ratio of 23.22, a P/E/G ratio of 0.28 and a beta of 1.10. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $100.00. The company’s 50 day simple moving average is $90.45 and its 200-day simple moving average is $81.40.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 EPS 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 firm had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same quarter last year, the business posted $0.81 EPS. The company’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. As a group, equities research analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.6%. This is a boost from Avnet’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet’s payout ratio is 37.09%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on AVT. Wells Fargo & Company upped their price target on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Zacks Research raised Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Weiss Ratings upgraded Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Finally, Truist Financial upped their target price on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avnet presently has an average rating of “Moderate Buy” and an average target price of $93.25.

Insiders Place Their Bets

In related news, SVP Michael Ryan Mccoy sold 32,052 shares of the 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 sale, the senior vice president directly owned 76,674 shares of the company’s stock, valued at approximately $6,985,001.40. This represents a 29.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Philip Gallagher sold 51,900 shares of the firm’s 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 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. Insiders own 1.90% of the company’s stock.

About Avnet

Avnet, Inc is a global technology distributor that helps manufacturers, engineers and other customers source electronic components and develop products. The company connects semiconductor and electronic-component suppliers with original equipment manufacturers, electronic manufacturing services providers and independent design firms.

Its offerings include semiconductors, embedded processors and computing products, memory, interconnect solutions, passive and electromechanical components, and related hardware and software.