18,478 Shares of Avnet, Inc. $AVT Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Avnet, Inc. (NASDAQ:AVT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 18,478 shares of the company’s stock, valued at approximately $1,847,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Avnet during the second quarter worth approximately $916,146,000. Dimensional Fund Advisors LP boosted its stake in 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 last quarter. Pzena Investment Management LLC bought a new position in Avnet in the second quarter valued at approximately $277,153,000. Bank of America Corp DE acquired a new stake in Avnet during the 2nd quarter worth $91,844,000. Finally, Bank of New York Mellon Corp acquired a new stake in Avnet during the 2nd quarter worth $74,897,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Up 3.5%

Shares of NASDAQ AVT opened at $79.28 on Friday. The firm has a 50 day moving average price of $94.24 and a 200 day moving average price of $81.57. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.97 and a current ratio of 1.73. The stock has a market cap of $6.52 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.24 and a beta of 1.11. Avnet, Inc. has a 52-week low of $44.25 and a 52-week high of $108.63.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $3.63 EPS for the quarter, topping the consensus estimate of $2.86 by $0.77. The business had revenue of $10.72 billion for the quarter, compared to the consensus estimate of $9.22 billion. Avnet had a return on equity of 14.15% and a net margin of 1.74%. The firm’s revenue was up 81.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 EPS. Analysts expect that Avnet, Inc. will post 11.55 EPS for the current year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.9%. This is an increase from Avnet’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, September 9th. Avnet’s dividend payout ratio is currently 22.22%.

Insider Transactions at Avnet

In other news, CEO Philip R. 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 transaction 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. This trade represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the transaction, the senior vice president owned 76,674 shares in the company, valued at $6,985,001.40. This trade represents a 29.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.00% of the company’s stock.

Trending Headlines about Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet’s fiscal Q1 results reportedly beat expectations, with record sales, broad-based component demand and margin gains. Higher memory pricing and upbeat Q2 guidance also point to continued near-term momentum, though tighter supply and increased working-capital needs are considerations. Article: Avnet Q1 Earnings Beat Estimates on Record Sales & Strong Demand
• Positive Sentiment: Truist raised its price target to $125 from $110 and maintained a Buy rating, signaling confidence in Avnet’s potential. Article: Truist Financial price-target update
• Neutral Sentiment: Wells Fargo raised its target to $85 from $80 but kept an Underweight rating, reflecting a more cautious view despite the higher target. Article: Avnet Given New $85 Price Target at Wells Fargo
• Negative Sentiment: A shareholder revolt is targeting two directors after Avnet’s $550 million debt deal. The challenge could raise concerns about governance and the company’s financing decisions. Article: Avnet Shareholder Revolt Targets Two Directors After $550 Million Debt Deal

Analyst Ratings Changes

Several analysts have commented on AVT shares. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 17th. Zacks Research lowered Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Wells Fargo & Company lifted their price objective on Avnet from $80.00 to $85.00 and gave the stock an “underweight” rating in a research note on Thursday. Finally, Truist Financial upped their price objective on Avnet from $110.00 to $125.00 and gave the company a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Avnet has a consensus rating of “Moderate Buy” and a consensus price target of $100.25.

Avnet Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.