Jupiter Topco LLC Acquires New Stake in Avnet, Inc. $AVT

Jupiter Topco LLC acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the second quarter, HoldingsChannel reports. The firm acquired 34,863 shares of the company’s stock, valued at approximately $3,097,000.

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

Insider Buying and Selling

In related news, CEO Philip R. Gallagher sold 51,900 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the company’s stock in a transaction 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 owned 76,674 shares of the company’s stock, valued at approximately $6,985,001.40. This represents a 29.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on AVT. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Wells Fargo & Company boosted their price target on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Weiss Ratings raised Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research note on Friday, August 14th. Finally, Bank of America upgraded Avnet from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Avnet presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Avnet Stock Up 0.7%

NASDAQ:AVT opened at $89.99 on Thursday. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00. The company has a 50-day moving average of $89.10 and a 200 day moving average of $79.71. The firm has a market cap of $7.39 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of 0.27 and a beta of 1.10. 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 (NASDAQ:AVT) last issued its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.48. The company 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 quarterly revenue was up 47.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, research analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed 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 boost 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 is Wednesday, September 9th. Avnet’s payout ratio is 35.09%.

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.