Avnet (NASDAQ:AVT) Sets New 1-Year High – Here’s What Happened

Avnet, Inc. (NASDAQ:AVT) shares reached a new 52-week high on Wednesday . The stock traded as high as $101.55 and last traded at $101.66, with a volume of 297372 shares. The stock had previously closed at $98.25.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, August 14th. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Wells Fargo & Company increased their target price on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Finally, Truist Financial lifted their price target on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Avnet presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Avnet Stock Performance

The stock has a 50 day moving average of $91.41 and a 200 day moving average of $82.47. The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of 25.51, a price-to-earnings-growth ratio of 0.29 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last released its quarterly 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 firm had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The company’s revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.81 EPS. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, analysts predict that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th will be issued a $0.37 dividend. The ex-dividend date is Wednesday, September 9th. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 1.5%. Avnet’s dividend payout ratio is presently 37.09%.

Insider Activity

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the sale, the chief executive officer owned 168,923 shares of the company’s stock, valued at approximately $16,632,158.58. This trade represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avnet

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Avnet during the 2nd quarter worth $916,146,000. Dimensional Fund Advisors LP increased its holdings in Avnet by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company’s stock worth $362,655,000 after acquiring an additional 22,137 shares during the last quarter. Pzena Investment Management LLC purchased a new stake in Avnet during the second quarter valued at about $277,153,000. Bank of America Corp DE bought a new stake in shares of Avnet in the second quarter valued at approximately $91,844,000. Finally, Bank of New York Mellon Corp purchased a new position in Avnet in the 2nd quarter valued at approximately $74,897,000. 95.78% of the stock is owned by institutional investors.

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers, engineers and other customers source electronic components and develop products. The company connects semiconductor and electronic-component suppliers with original equipment manufacturers, electronic manufacturing services providers and independent design firms.

Its offerings include semiconductors, embedded processors and computing products, memory, interconnect solutions, passive and electromechanical components, and related hardware and software.