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

17 Oct 2024, 14:52 by Tristan Rich · The Markets Daily

Avnet, Inc. (NASDAQ:AVT – Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $55.84 and last traded at $55.24, with a volume of 8316 shares changing hands. The stock had previously closed at $55.34.

Analyst Ratings Changes

AVT has been the subject of a number of recent research reports. Stifel Nicolaus increased their price objective on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Truist Financial increased their target price 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 raised their price objective on Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a research note on Friday, August 9th.

Check Out Our Latest Research Report on Avnet

Avnet Stock Performance

The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49. The stock has a 50 day simple moving average of $53.37 and a 200 day simple moving average of $52.17. The company has a market capitalization of $4.99 billion, a price-to-earnings ratio of 8.95 and a beta of 1.15.

Avnet (NASDAQ:AVT – Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The firm’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.06 earnings per share. As a group, analysts anticipate that Avnet, Inc. will post 4.57 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were issued a $0.33 dividend. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.39%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is currently 21.36%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Kapitalo Investimentos Ltda purchased a new stake in shares of Avnet in the third quarter valued at $261,000. Creative Planning raised its holdings in shares of Avnet by 7.3% during the third quarter. Creative Planning now owns 20,965 shares of the company’s stock worth $1,139,000 after acquiring an additional 1,426 shares in the last quarter. CWM LLC raised its holdings in shares of Avnet by 58.8% during the third quarter. CWM LLC now owns 8,463 shares of the company’s stock worth $460,000 after acquiring an additional 3,132 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Avnet by 20.2% during the third quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock worth $100,000 after acquiring an additional 309 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in shares of Avnet by 32.1% during the third quarter. Handelsbanken Fonder AB now owns 24,300 shares of the company’s stock worth $1,320,000 after acquiring an additional 5,900 shares in the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Company Profile

(Get Free Report)