Legal & General Group Plc Invests $13.20 Million in Avnet, Inc. $AVT

Legal & General Group Plc bought a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel reports. The firm bought 148,573 shares of the company’s stock, valued at approximately $13,196,000.

Several other hedge funds and other institutional investors have also made changes to their positions in AVT. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Avnet in the second quarter valued at about $25,000. Summit Securities Group LLC purchased a new stake in Avnet in the fourth quarter valued at approximately $28,000. BOKF NA grew its position in Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company’s stock valued at $31,000 after acquiring an additional 536 shares during the period. State of Wyoming purchased a new stake in shares of Avnet during the 2nd quarter worth about $37,000. Finally, Hantz Financial Services Inc. increased its position in shares of Avnet by 62.0% in the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock worth $41,000 after acquiring an additional 326 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $88.63 on Monday. The firm has a fifty day moving average of $89.13 and a two-hundred day moving average of $79.22. 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, Inc. has a 12-month low of $44.25 and a 12-month high of $100.00. The firm has a market capitalization of $7.27 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 0.27 and a beta of 1.09.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $1.80 by $0.48. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The company had revenue of $8.30 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the firm posted $0.81 EPS. The business’s revenue was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. On average, equities analysts expect that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be given a $0.37 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, September 9th. Avnet’s payout ratio is presently 35.09%.

Insider Transactions at Avnet

In related news, CEO Philip R. Gallagher sold 51,900 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was 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 directly owned 168,923 shares in the company, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the sale, the senior vice president directly owned 76,674 shares of the company’s stock, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AVT shares. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, August 14th. Truist Financial raised their target price on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen raised Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Finally, Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Avnet 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.