SummerHaven Investment Management LLC Buys 14,916 Shares of Avnet, Inc. $AVT

SummerHaven Investment Management LLC bought a new position in Avnet, Inc. (NASDAQ:AVT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,916 shares of the company’s stock, valued at approximately $1,491,000. Avnet accounts for about 1.0% of SummerHaven Investment Management LLC’s holdings, making the stock its 19th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. BlackRock Inc. bought a new stake in Avnet in the 2nd quarter worth $916,146,000. Dimensional Fund Advisors LP increased its position in shares of Avnet by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company’s stock valued at $362,655,000 after acquiring an additional 22,137 shares during the period. Pzena Investment Management LLC bought a new position in shares of Avnet during the second quarter valued at about $277,153,000. Bank of America Corp DE bought a new position in shares of Avnet during the second quarter valued at about $91,844,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Avnet during the second quarter valued at about $74,897,000. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Performance

Shares of AVT stock opened at $90.03 on Friday. The stock has a fifty day moving average of $95.43 and a 200 day moving average of $87.35. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $108.63. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 0.27 and a beta of 1.06. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last released its quarterly earnings results 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 net margin of 1.21% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, research analysts expect that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

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

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. 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. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday. Wells Fargo & Company boosted 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 report on Friday, August 7th. Finally, Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Two equities 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.25.

Insider Activity

In related news, CEO Philip Gallagher sold 51,900 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares in the company, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $2,919,937.20. Following the completion of the transaction, the senior vice president directly 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.00% of the company’s stock.

Avnet Profile

Avnet, Inc is a global technology distributor and solutions provider that connects electronic component manufacturers with customers ranging from original equipment manufacturers and contract manufacturers to design engineers and startups. The company distributes semiconductors, interconnect products, passive and electromechanical components, and embedded computing products used in industrial, automotive, communications, aerospace and defense, healthcare, and consumer applications.

In addition to component distribution, Avnet provides engineering and design support, embedded systems, product customization, supply chain management, logistics, and other services intended to help customers move products from concept and prototyping through production.