Denali Advisors LLC Has $809,000 Holdings in Avnet, Inc. $AVT

Denali Advisors LLC cut its stake in Avnet, Inc. (NASDAQ:AVT) by 48.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,110 shares of the company’s stock after selling 8,693 shares during the period. Denali Advisors LLC’s holdings in Avnet were worth $809,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Great Lakes Advisors LLC bought a new position in shares of Avnet during the 2nd quarter worth about $4,240,000. Foster & Motley Inc. bought a new stake in shares of Avnet in the second quarter valued at about $11,263,000. First National Bank of Omaha acquired a new stake in Avnet during the second quarter worth about $3,241,000. Alpine Woods Capital Investors LLC acquired a new stake in Avnet during the second quarter worth about $332,000. Finally, Meeder Asset Management Inc. bought a new position in Avnet during the second quarter valued at about $2,978,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Stock Down 1.6%

Shares of AVT opened at $86.89 on Friday. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 21.78, a P/E/G ratio of 0.29 and a beta of 1.09. 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 company has a 50-day moving average price of $89.39 and a two-hundred day moving average price of $78.19.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $7.56 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The company’s quarterly revenue was up 47.7% on a year-over-year basis. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Equities analysts predict that Avnet, Inc. will post 9.66 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. Investors of record on Wednesday, September 9th will be paid a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.48 annualized dividend and a yield of 1.7%. This is a positive change from Avnet’s previous quarterly dividend of $0.35. Avnet’s payout ratio is presently 35.09%.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the company’s stock in a transaction 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 sale, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Zacks Research raised Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Weiss Ratings upgraded Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Bank of America upgraded Avnet from an “underperform” rating to a “neutral” rating and upped their target price for the company from $66.00 to $96.00 in a research note on Wednesday, May 13th. Finally, Wells Fargo & Company raised their target price on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Avnet currently has a consensus rating of “Moderate Buy” and a consensus price target 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.