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

Shares of Avnet, Inc. (NASDAQ:AVT) reached a new 52-week high during trading on Wednesday . The company traded as high as $84.75 and last traded at $84.0340, with a volume of 1245859 shares trading hands. The stock had previously closed at $82.40.

Analysts Set New Price Targets

Several research analysts recently weighed in on AVT shares. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 14th. Truist Financial upped their price objective on shares of Avnet to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. Finally, Weiss Ratings cut shares of Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, March 19th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.50.

Avnet Stock Performance

The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average is $66.65 and its two-hundred day moving average is $57.23. The company has a market capitalization of $6.87 billion, a P/E ratio of 32.57, a PEG ratio of 0.58 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The company had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same period in the prior year, the business earned $0.84 earnings per share. Avnet’s revenue for the quarter was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Equities analysts anticipate that Avnet, Inc. will post 4.92 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 4th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Wednesday, March 4th. Avnet’s dividend payout ratio (DPR) is presently 54.47%.

Insider Buying and Selling

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the transaction, the chief executive officer directly owned 145,003 shares in the company, valued at $12,023,648.76. This trade represents a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Financiere des Professionnels Fonds d investissement inc. bought a new position in Avnet during the first quarter valued at approximately $2,527,000. Quartz Partners LLC grew its position in Avnet by 19.2% during the first quarter. Quartz Partners LLC now owns 11,887 shares of the company’s stock valued at $732,000 after acquiring an additional 1,917 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in Avnet during the first quarter valued at approximately $256,000. State of Michigan Retirement System grew its position in Avnet by 2.6% during the first quarter. State of Michigan Retirement System now owns 19,705 shares of the company’s stock valued at $1,214,000 after acquiring an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Avnet by 4.4% during the first quarter. Principal Financial Group Inc. now owns 182,707 shares of the company’s stock valued at $11,258,000 after acquiring an additional 7,776 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.