Avnet (NASDAQ:AVT) Reaches New 12-Month High – Still a Buy?

Avnet, Inc. (NASDAQ:AVT) shares reached a new 52-week high on Wednesday . The company traded as high as $58.07 and last traded at $57.09, with a volume of 42392 shares. The stock had previously closed at $54.46.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVT. Stifel Nicolaus raised their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company increased their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th.

Avnet Price Performance

The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 10.77 and a beta of 1.15. The stock has a fifty day simple moving average of $53.47 and a 200-day simple moving average of $52.56. The company has a current ratio of 2.32, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.27. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $2.06 EPS. Avnet’s revenue for the quarter was down 15.1% compared to the same quarter last year. As a group, equities research analysts expect that Avnet, Inc. will post 4.57 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Wednesday, September 11th. This is a positive change from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio (DPR) is presently 24.40%.

Institutional Trading of Avnet

Several institutional investors have recently bought and sold shares of AVT. Fifth Third Bancorp grew its position in Avnet by 35.2% in the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after acquiring an additional 214 shares during the period. Hexagon Capital Partners LLC lifted its holdings in Avnet by 1,113.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after purchasing an additional 824 shares during the last quarter. nVerses Capital LLC bought a new position in Avnet during the 2nd quarter valued at about $77,000. Versant Capital Management Inc lifted its holdings in Avnet by 729.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock valued at $79,000 after purchasing an additional 1,350 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Avnet by 68.4% during the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock valued at $79,000 after purchasing an additional 620 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.