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

Legal & General Group Plc bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 148,573 shares of the company’s stock, valued at approximately $13,196,000. Legal & General Group Plc owned about 0.18% of Avnet as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in Avnet by 1.9% in the first quarter. Empowered Funds LLC now owns 6,833 shares of the company’s stock worth $421,000 after purchasing an additional 129 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Avnet by 0.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company’s stock worth $1,264,000 after purchasing an additional 159 shares in the last quarter. Nations Financial Group Inc. IA ADV boosted its position in shares of Avnet by 1.6% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 10,896 shares of the company’s stock worth $671,000 after purchasing an additional 176 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Avnet by 2.1% during the fourth quarter. Quadrant Capital Group LLC now owns 8,778 shares of the company’s stock valued at $422,000 after acquiring an additional 184 shares in the last quarter. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Avnet by 38.5% in the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock worth $59,000 after buying an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVT. Zacks Research raised Avnet from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. 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 note on Wednesday, May 13th. Truist Financial raised their target price on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Finally, Wells Fargo & Company boosted their price objective on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.25.

Avnet Price Performance

Shares of NASDAQ AVT opened at $88.63 on Monday. The stock’s 50-day moving average is $89.13 and its two-hundred day moving average is $79.22. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.78 and a quick ratio of 0.97. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. The company has a market cap of $7.27 billion, a price-to-earnings 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, beating the consensus estimate of $1.80 by $0.48. The firm had revenue of $8.30 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm’s revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Analysts forecast that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The firm 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 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 1.7%. Avnet’s dividend payout ratio (DPR) is presently 35.09%.

Insider Activity at Avnet

In other news, CEO Philip R. Gallagher sold 51,900 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief executive officer owned 168,923 shares in the company, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. The trade was a 29.48% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

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.