Avnet (NASDAQ:AVT) Sets New 12-Month High at $53.94

Avnet, Inc. (NASDAQ:AVT) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $53.94 and last traded at $53.61, with a volume of 74284 shares changing hands. The stock had previously closed at $53.33.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group cut their price target on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Truist Financial cut their price target on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.00.

Avnet Stock Up 1.2 %

The firm has a fifty day simple moving average of $49.26 and a 200-day simple moving average of $47.94. The company has a market capitalization of $4.95 billion, a P/E ratio of 8.87 and a beta of 1.21. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm’s revenue was down 13.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.00 earnings per share. On average, equities research analysts expect that Avnet, Inc. will post 5.06 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.26%. Avnet’s payout ratio is presently 20.06%.

Insider Buying and Selling

In related news, CEO Philip R. Gallagher sold 19,532 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the completion of the transaction, the chief executive officer now directly owns 140,792 shares in the company, valued at $7,269,090.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of AVT. Rise Advisors LLC acquired a new stake in shares of Avnet in the first quarter valued at approximately $29,000. Venturi Wealth Management LLC lifted its position in shares of Avnet by 46.5% in the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after buying an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $40,000. Hexagon Capital Partners LLC lifted its position in shares of Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after buying an additional 824 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Avnet in the fourth quarter valued at approximately $63,000. 95.78% of the stock is currently owned by institutional investors.

About Avnet

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.