Avnet (NASDAQ:AVT) Share Price Crosses Below 200 Day Moving Average – Here’s What Happened

Avnet, Inc. (NASDAQ:AVT)’s share price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $81.42 and traded as low as $76.57. Avnet shares last traded at $76.63, with a volume of 2,207,596 shares trading hands.

Avnet News Roundup

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet’s fiscal Q1 results reportedly beat expectations, with record sales, broad-based component demand and margin gains. Higher memory pricing and upbeat Q2 guidance also point to continued near-term momentum, though tighter supply and increased working-capital needs are considerations. Article: Avnet Q1 Earnings Beat Estimates on Record Sales & Strong Demand
• Positive Sentiment: Truist raised its price target to $125 from $110 and maintained a Buy rating, signaling confidence in Avnet’s potential. Article: Truist Financial price-target update
• Neutral Sentiment: Wells Fargo raised its target to $85 from $80 but kept an Underweight rating, reflecting a more cautious view despite the higher target. Article: Avnet Given New $85 Price Target at Wells Fargo
• Negative Sentiment: A shareholder revolt is targeting two directors after Avnet’s $550 million debt deal. The challenge could raise concerns about governance and the company’s financing decisions. Article: Avnet Shareholder Revolt Targets Two Directors After $550 Million Debt Deal

Analysts Set New Price Targets

A number of equities analysts have commented on AVT shares. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Wells Fargo & Company raised their price objective on shares of Avnet from $80.00 to $85.00 and gave the company an “underweight” rating in a research report on Thursday. Zacks Research downgraded shares of Avnet from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Weiss Ratings upgraded shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 9th. Finally, Truist Financial increased their target price on Avnet from $110.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avnet has a consensus rating of “Moderate Buy” and a consensus target price of $100.25.

Avnet Stock Performance

The business has a fifty day moving average of $94.24 and a 200 day moving average of $81.57. The company has a market cap of $6.52 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.26 and a beta of 1.11. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share for the quarter, beating the consensus estimate of $2.86 by $0.77. The business had revenue of $10.72 billion for the quarter, compared to analysts’ expectations of $9.22 billion. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 81.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.84 earnings per share. On average, equities analysts predict that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, September 9th. This is a positive change from Avnet’s previous quarterly dividend of $0.35. Avnet’s payout ratio is presently 22.22%.

Insider Activity

In related news, CEO Philip R. Gallagher sold 51,900 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the transaction, the chief executive officer directly owned 168,923 shares of the company’s stock, valued at $16,632,158.58. This represents a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the completion of the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 2.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Avnet in the second quarter worth $25,000. Provenance Wealth Advisors LLC purchased a new position in Avnet during the third quarter valued at $40,000. State of Wyoming purchased a new position in Avnet during the second quarter valued at $37,000. Elevation Wealth Partners LLC lifted its position in Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after buying an additional 185 shares during the period. Finally, Reyes Financial Architecture Inc. bought a new stake in shares of Avnet during the 3rd quarter valued at $69,000. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.