Assenagon Asset Management S.A. Grows Stock Position in Avnet, Inc. $AVT

Assenagon Asset Management S.A. boosted its holdings in Avnet, Inc. (NASDAQ:AVT) by 126.3% during the first quarter, Holdings Channel.com reports. The fund owned 146,267 shares of the company’s stock after acquiring an additional 81,644 shares during the period. Assenagon Asset Management S.A.’s holdings in Avnet were worth $9,013,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Avnet in the fourth quarter valued at about $62,393,000. AQR Capital Management LLC lifted its stake in Avnet by 30.7% in the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock valued at $142,394,000 after buying an additional 695,929 shares in the last quarter. Jain Global LLC purchased a new stake in Avnet in the 4th quarter valued at approximately $18,873,000. Loews Corp grew its holdings in Avnet by 258.3% during the 4th quarter. Loews Corp now owns 430,000 shares of the company’s stock valued at $20,674,000 after buying an additional 310,000 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Avnet by 75.3% during the 4th quarter. Millennium Management LLC now owns 654,695 shares of the company’s stock valued at $31,478,000 after buying an additional 281,273 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on AVT shares. Raymond James Financial reissued a “strong-buy” rating and issued a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Truist Financial raised their price target on shares of Avnet to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Wells Fargo & Company lifted their price target on shares of Avnet from $60.00 to $70.00 and gave the stock an “underweight” rating in a report on Thursday, April 30th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Finally, Zacks Research raised shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $89.00.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the business’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 sale, the chief executive officer owned 145,003 shares of the company’s stock, valued at approximately $12,023,648.76. The trade was a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.90% of the company’s stock.

Avnet Stock Performance

NASDAQ AVT opened at $86.33 on Monday. The business’s 50-day moving average price is $84.90 and its 200 day moving average price is $67.62. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $95.26. The company has a market capitalization of $7.08 billion, a PE ratio of 33.59, a price-to-earnings-growth ratio of 0.39 and a beta of 1.08.

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

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were issued a $0.35 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Avnet’s dividend payout ratio (DPR) is presently 54.47%.

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.