Bank of New York Mellon Corp Sells 10,128 Shares of Avnet, Inc. $AVT

Bank of New York Mellon Corp decreased its holdings in Avnet, Inc. (NASDAQ:AVT) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 856,769 shares of the company’s stock after selling 10,128 shares during the quarter. Bank of New York Mellon Corp’s holdings in Avnet were worth $52,794,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in AVT. Summit Securities Group LLC acquired a new stake in Avnet in the 4th quarter valued at $28,000. BOKF NA increased its position in shares of Avnet by 1,116.7% during the 3rd quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after purchasing an additional 536 shares in the last quarter. Allworth Financial LP lifted its holdings in Avnet by 199.1% during the 3rd quarter. Allworth Financial LP now owns 700 shares of the company’s stock valued at $37,000 after purchasing an additional 466 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Avnet by 53.9% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company’s stock valued at $35,000 after buying an additional 258 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Avnet by 62.0% in 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 in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Down 0.2%

Shares of NASDAQ:AVT opened at $89.92 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of 34.99, a P/E/G ratio of 0.29 and a beta of 1.09. The company has a 50 day moving average of $87.21 and a 200-day moving average of $72.53. Avnet, Inc. has a one year low of $44.25 and a one year high of $95.26.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The business had revenue of $7.12 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the business posted $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, sell-side analysts forecast that Avnet, Inc. will post 5.12 earnings per share for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. Avnet’s dividend payout ratio (DPR) is currently 54.47%.

Analyst Ratings Changes

AVT has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price target on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday. Truist Financial raised their price target on shares of Avnet to $95.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price objective on shares of Avnet in a report on Thursday, April 30th. Wall Street Zen lowered Avnet from a “strong-buy” rating to a “buy” rating in a research report on Sunday, May 10th. Finally, Bank of America raised Avnet from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $66.00 to $96.00 in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.50.

Insider Activity at Avnet

In related news, CEO Philip R. Gallagher sold 23,920 shares of Avnet stock in a transaction on 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 directly owned 145,003 shares of the company’s stock, valued at $12,023,648.76. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is currently owned by company insiders.

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.