Bank of New York Mellon Corp Lowers Stock Position in Avnet, Inc. $AVT

Bank of New York Mellon Corp trimmed its holdings in Avnet, Inc. (NASDAQ:AVT) by 1.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 856,769 shares of the company’s stock after selling 10,128 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.05% of Avnet worth $52,794,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in AVT. Summit Securities Group LLC purchased a new stake in shares of Avnet during the fourth quarter worth approximately $28,000. BOKF NA increased its stake in shares of Avnet by 1,116.7% during the third quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after acquiring an additional 536 shares during the period. MassMutual Private Wealth & Trust FSB lifted 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 purchasing an additional 258 shares during the period. Allworth Financial LP raised its stake in shares of Avnet by 199.1% during the 3rd quarter. Allworth Financial LP now owns 700 shares of the company’s stock worth $37,000 after buying an additional 466 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its stake in shares of Avnet by 62.0% during the 4th quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock worth $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%

AVT stock opened at $89.92 on Friday. Avnet, Inc. has a twelve month low of $44.25 and a twelve month high of $95.26. 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 company has a market capitalization of $7.38 billion, a P/E ratio of 34.99, a PEG ratio of 0.29 and a beta of 1.09. The firm has a 50 day simple moving average of $87.21 and a 200-day simple moving average of $72.53.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) 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 firm had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the company posted $0.84 earnings per share. The firm’s quarterly revenue was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, equities research analysts predict that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid 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 of this dividend was Wednesday, June 3rd. Avnet’s dividend payout ratio is currently 54.47%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the transaction, the chief executive officer directly owned 145,003 shares of the company’s stock, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.90% of the stock is owned by company insiders.

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.