Squarepoint Ops LLC Purchases 55,848 Shares of Avnet, Inc. $AVT

Squarepoint Ops LLC boosted its holdings in Avnet, Inc. (NASDAQ:AVT) by 59.8% in the second quarter, HoldingsChannel reports. The institutional investor owned 149,226 shares of the company’s stock after purchasing an additional 55,848 shares during the quarter. Squarepoint Ops LLC’s holdings in Avnet were worth $13,254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of AVT. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Avnet in the second quarter valued at about $25,000. Summit Securities Group LLC purchased a new position in Avnet in the 4th quarter worth approximately $28,000. BOKF NA boosted its stake in Avnet by 1,116.7% in the 3rd quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after purchasing an additional 536 shares during the period. State of Wyoming purchased a new stake in Avnet during the 2nd quarter valued at approximately $37,000. Finally, Hantz Financial Services Inc. raised its position in shares of Avnet by 62.0% during the fourth quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock valued at $41,000 after buying an additional 326 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Insider Activity at Avnet

In other news, CEO Philip R. Gallagher sold 51,900 shares of the 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 sale, the chief executive officer directly owned 168,923 shares in the company, valued at approximately $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’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. This represents a 29.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

AVT has been the subject of a number of research reports. Wells Fargo & Company upped their target price on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, July 20th. Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 25th. Truist Financial lifted their target price on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

Avnet Price Performance

AVT stock opened at $91.74 on Thursday. The stock has a market cap of $7.53 billion, a PE ratio of 22.99, a P/E/G ratio of 0.28 and a beta of 1.10. 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 $89.47 and a 200 day moving average price of $80.64. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

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

Avnet Increases Dividend

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