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

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on AVT shares. Wells Fargo & Company upped their price target on Avnet from $40.00 to $45.00 and gave the company an “underweight” 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 report on Friday, August 9th. Finally, Stifel Nicolaus increased their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th.

Avnet Stock Performance

The company has a market cap of $5.09 billion, a P/E ratio of 10.77 and a beta of 1.15. The company has a 50 day moving average price of $53.47 and a 200-day moving average price of $52.56. The company has a quick ratio of 1.10, a current ratio of 2.32 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $2.06 earnings per share. The company’s revenue for the quarter was down 15.1% compared to the same quarter last year. Equities analysts expect that Avnet, Inc. will post 4.57 EPS for the current fiscal year.

Avnet Increases Dividend

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

Hedge Funds Weigh In On Avnet

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harbor Capital Advisors Inc. lifted its stake in Avnet by 43.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 65,419 shares of the company’s stock worth $3,553,000 after acquiring an additional 19,789 shares in the last quarter. Eads & Heald Wealth Management lifted its stake in Avnet by 49.9% in the 3rd quarter. Eads & Heald Wealth Management now owns 11,127 shares of the company’s stock worth $604,000 after acquiring an additional 3,703 shares in the last quarter. State of Alaska Department of Revenue lifted its stake in Avnet by 0.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company’s stock worth $2,890,000 after acquiring an additional 455 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock worth $200,000 after acquiring an additional 3,015 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Avnet by 318.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,897 shares of the company’s stock worth $972,000 after acquiring an additional 13,615 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

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.