Avnet (NASDAQ:AVT) Hits New 52-Week High – Here’s What Happened

Avnet, Inc. (NASDAQ:AVT)’s share price hit a new 52-week high during trading on Friday. The company traded as high as $105.18 and last traded at $106.1020, with a volume of 56692 shares trading hands. The stock had previously closed at $102.24.

Analysts Set New Price Targets

AVT has been the topic of several recent research reports. Weiss Ratings lowered Avnet from a “buy (b)” rating to a “buy (b-)” rating in a report on Thursday, September 24th. Wells Fargo & Company boosted their price objective on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Zacks Research raised 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 report on Saturday, July 25th. Finally, Truist Financial increased their target price on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Two 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 given a Sell rating to the company’s stock. According to MarketBeat.com, Avnet presently has an average rating of “Moderate Buy” and a consensus price target of $93.25.

Avnet Price Performance

The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The business’s fifty day moving average is $93.41 and its 200 day moving average is $84.48. The company has a market cap of $8.81 billion, a P/E ratio of 26.80, a PEG ratio of 0.31 and a beta of 1.06.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.48. The business had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.Avnet’s revenue was up 47.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, sell-side analysts anticipate that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were paid a $0.37 dividend. The ex-dividend date was Wednesday, September 9th. This represents a $1.48 dividend on an annualized basis and a yield of 1.4%. This is an increase from Avnet’s previous quarterly dividend of $0.35. Avnet’s dividend payout ratio (DPR) is presently 37.09%.

Insider Transactions at Avnet

In other news, CEO Philip Gallagher sold 51,900 shares of Avnet stock in a transaction dated 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 in the company, valued at $16,632,158.58. This trade represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. QRG Capital Management Inc. purchased a new stake in shares of Avnet during the second quarter worth $253,000. Sequoia Financial Advisors LLC grew its position in shares of Avnet by 5.1% in the second quarter. Sequoia Financial Advisors LLC now owns 16,533 shares of the company’s stock valued at $1,468,000 after purchasing an additional 795 shares in the last quarter. WINTON GROUP Ltd raised its stake in shares of Avnet by 127.0% during the 2nd quarter. WINTON GROUP Ltd now owns 22,700 shares of the company’s stock valued at $2,016,000 after purchasing an additional 12,699 shares during the period. Integrated Wealth Concepts LLC bought a new stake in shares of Avnet during the 2nd quarter valued at $186,000. Finally, Squarepoint Ops LLC lifted its holdings in Avnet by 59.8% during the 2nd quarter. Squarepoint Ops LLC now owns 149,226 shares of the company’s stock worth $13,254,000 after purchasing an additional 55,848 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

About Avnet

Avnet, Inc is a global technology distributor and solutions provider that connects electronic component manufacturers with customers ranging from original equipment manufacturers and contract manufacturers to design engineers and startups. The company distributes semiconductors, interconnect products, passive and electromechanical components, and embedded computing products used in industrial, automotive, communications, aerospace and defense, healthcare, and consumer applications.

In addition to component distribution, Avnet provides engineering and design support, embedded systems, product customization, supply chain management, logistics, and other services intended to help customers move products from concept and prototyping through production.