Avnet, Inc. $AVT Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 2,899.4% in the 1st quarter, Holdings Channel reports. The fund owned 20,156 shares of the company’s stock after buying an additional 19,484 shares during the period. Fifth Third Bancorp’s holdings in Avnet were worth $1,242,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Norges Bank acquired a new stake in Avnet during the fourth quarter valued at $62,393,000. AQR Capital Management LLC boosted its stake in shares of Avnet by 30.7% during the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock worth $142,394,000 after acquiring an additional 695,929 shares in the last quarter. Jain Global LLC purchased a new stake in shares of Avnet during the 4th quarter worth about $18,873,000. Loews Corp grew its position in shares of 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 acquiring an additional 310,000 shares during the period. Finally, Millennium Management LLC grew its position in shares of 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 acquiring an additional 281,273 shares during the period. 95.78% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of Avnet 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.90% of the company’s stock.

Avnet Trading Down 0.6%

Shares of NASDAQ AVT opened at $89.42 on Friday. The company has a current ratio of 2.01, a quick ratio of 1.05 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.33 billion, a PE ratio of 34.79, a PEG ratio of 0.28 and a beta of 1.09. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $95.26. The stock has a fifty day simple moving average of $87.31 and a 200-day simple moving average of $72.65.

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

Avnet Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on AVT shares. Zacks Research lowered Avnet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Wells Fargo & Company boosted their price target on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday. Truist Financial upped their price objective on shares of Avnet to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $95.00 target price on shares of Avnet in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

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.