Avnet (NASDAQ:AVT) Reaches New 12-Month High on Strong Earnings

Avnet, Inc. (NASDAQ:AVT)’s stock price hit a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $58.07 and last traded at $57.09, with a volume of 42392 shares. The stock had previously closed at $54.46.

The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The company’s revenue was down 11.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.61 earnings per share.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 dividend on an annualized basis and a yield of 2.43%. This is a boost from Avnet’s previous quarterly dividend of $0.31. Avnet’s dividend payout ratio is presently 24.40%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AVT. Stifel Nicolaus upped 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. Wells Fargo & Company upped their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Truist Financial increased their price objective on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th.

Institutional Investors Weigh In On Avnet

Hedge funds have recently modified their holdings of the business. Summit Global Investments acquired a new position in shares of Avnet in the third quarter valued at $1,254,000. Foster & Motley Inc. raised its stake in shares of Avnet by 3.1% in the third quarter. Foster & Motley Inc. now owns 129,960 shares of the company’s stock valued at $7,054,000 after purchasing an additional 3,885 shares in the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Avnet by 43.4% in the third quarter. Harbor Capital Advisors Inc. now owns 65,419 shares of the company’s stock valued at $3,553,000 after purchasing an additional 19,789 shares in the last quarter. Eads & Heald Wealth Management raised its stake in shares of Avnet by 49.9% in the third quarter. Eads & Heald Wealth Management now owns 11,127 shares of the company’s stock valued at $604,000 after purchasing an additional 3,703 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Avnet by 0.9% in the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company’s stock valued at $2,890,000 after purchasing an additional 455 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Down 6.0 %

The business has a 50 day moving average of $53.51 and a 200 day moving average of $52.61. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.32 and a quick ratio of 1.10. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of 10.02 and a beta of 1.15.

Avnet Company Profile

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.