Quartz Partners LLC Acquires Shares of 10,060 Avnet, Inc. $AVT

Quartz Partners LLC bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel.com reports. The fund bought 10,060 shares of the company’s stock, valued at approximately $894,000.

Several other institutional investors have also made changes to their positions in the stock. Jefferies Financial Group Inc. bought a new stake in Avnet during the fourth quarter worth about $602,000. Jupiter Asset Management Ltd. bought a new stake in shares of Avnet during the 4th quarter worth approximately $4,865,000. GSA Capital Partners LLP boosted its position in shares of Avnet by 255.2% during the 4th quarter. GSA Capital Partners LLP now owns 41,830 shares of the company’s stock worth $2,011,000 after acquiring an additional 30,052 shares in the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Avnet during the 1st quarter worth approximately $2,400,000. Finally, LSV Asset Management increased its stake in Avnet by 7.6% in the fourth quarter. LSV Asset Management now owns 2,811,171 shares of the company’s stock valued at $135,161,000 after acquiring an additional 197,400 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

Insider Activity at Avnet

In other news, CEO Philip R. Gallagher sold 51,900 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the sale, the chief executive officer owned 168,923 shares in the company, valued at $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Avnet Trading Down 5.4%

Shares of Avnet stock opened at $88.34 on Thursday. The company has a market capitalization of $7.25 billion, a P/E ratio of 22.14, a price-to-earnings-growth ratio of 0.31 and a beta of 1.09. The stock has a fifty day simple moving average of $89.43 and a 200 day simple moving average of $78.02. Avnet, Inc. has a 12-month low of $44.25 and a 12-month high of $100.00. 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 (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.48. The business had revenue of $8.30 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The business’s revenue was up 47.7% on a year-over-year basis. During the same period last year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, sell-side analysts anticipate that Avnet, Inc. will post 9.66 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVT has been the subject of a number of research reports. Truist Financial increased their target price on shares of Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Bank of America raised shares of 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. Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Zacks Research raised shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company upped their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.