21,336 Shares in Avnet, Inc. $AVT Bought by Cibc World Market Inc.

Cibc World Market Inc. bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel reports. The firm bought 21,336 shares of the company’s stock, valued at approximately $1,895,000.

Other hedge funds have also bought and sold shares of the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Avnet in the second quarter worth about $22,225,000. Globeflex Capital L P purchased a new position in shares of Avnet during the 2nd quarter valued at about $220,000. Kendall Capital Management purchased a new position in shares of Avnet during the 2nd quarter valued at about $15,645,000. Greenland Capital Management LP purchased a new position in shares of Avnet during the 2nd quarter valued at about $1,120,000. Finally, Commerce Bank bought a new position in shares of Avnet during the 2nd quarter valued at approximately $609,000. Institutional investors own 95.78% of the company’s stock.

Insiders Place Their Bets

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the stock in a transaction dated Wednesday, August 19th. The shares were 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 owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This represents a 29.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Philip R. Gallagher sold 51,900 shares of the firm’s 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 transaction, 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 position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVT shares. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $66.00 to $96.00 in a research note on Wednesday, May 13th. Finally, Truist Financial raised their price objective on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

Avnet Trading Up 3.1%

AVT stock opened at $90.29 on Thursday. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. 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 company has a market capitalization of $7.41 billion, a price-to-earnings ratio of 22.63, a PEG ratio of 0.27 and a beta of 1.09. The business has a 50 day simple moving average of $89.19 and a two-hundred day simple moving average of $78.88.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $7.56 billion. During the same quarter last year, the business posted $0.81 earnings per share. The company’s revenue for the quarter was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Research analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Wednesday, September 9th. This is a positive change from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 1.6%. Avnet’s dividend payout ratio is 35.09%.

Avnet Company Profile

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.