Avnet (NASDAQ:AVT) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Avnet (NASDAQ:AVT) from a buy rating to a strong-buy rating in a report published on Saturday.

Several other research firms also recently issued reports on AVT. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 price objective on shares of Avnet in a research note on Thursday, April 30th. Truist Financial lifted their target price on shares of Avnet to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, July 13th. Finally, Wells Fargo & Company raised their price target on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.50.

Avnet Trading Down 1.2%

Shares of AVT stock opened at $88.38 on Friday. The firm has a market capitalization of $7.25 billion, a P/E ratio of 34.39, a P/E/G ratio of 0.28 and a beta of 1.09. Avnet has a twelve month low of $44.25 and a twelve month high of $95.26. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The stock’s fifty day simple moving average is $87.41 and its 200 day simple moving average is $73.09.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The business had revenue of $7.12 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. As a group, sell-side analysts predict that Avnet will post 5.12 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. Avnet’s dividend payout ratio is presently 54.47%.

Insider Activity

In other news, CEO Philip R. Gallagher sold 23,920 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the completion of the transaction, the chief executive officer directly owned 145,003 shares in the company, valued at $12,023,648.76. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.90% of the stock is owned by company insiders.

Institutional Trading of Avnet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Avnet by 3.0% during the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after purchasing an additional 2,101 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Avnet by 16.0% during the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock worth $11,148,000 after buying an additional 31,919 shares during the period. United Services Automobile Association acquired a new stake in shares of Avnet during the first quarter worth $267,000. Empowered Funds LLC increased its position in shares of Avnet by 9.3% during the first quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock worth $392,000 after buying an additional 696 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Avnet by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after buying an additional 16,443 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

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.