Avnet (NASDAQ:AVT) Hits New 12-Month Low - Should You Sell?

Avnet, Inc. (NASDAQ:AVT - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $44.88 and last traded at $45.13, with a volume of 349419 shares traded. The stock had previously closed at $48.29.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AVT shares. Truist Financial reduced their target price on shares of Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a research report on Thursday, January 30th. Bank of America cut Avnet from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Price Performance

The company's 50-day moving average price is $48.90 and its 200-day moving average price is $52.12. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 11.76, a PEG ratio of 1.13 and a beta of 1.04. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. On average, equities research analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Remove Ads

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 3.18%. Avnet's dividend payout ratio (DPR) is currently 37.39%.

Hedge Funds Weigh In On Avnet

Several hedge funds have recently added to or reduced their stakes in the stock. Lind Value II ApS increased its position in Avnet by 15.6% during the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock worth $48,277,000 after buying an additional 135,135 shares during the period. Parallel Advisors LLC grew its stake in shares of Avnet by 54.8% during the 1st quarter. Parallel Advisors LLC now owns 6,245 shares of the company's stock worth $300,000 after purchasing an additional 2,210 shares during the period. GAMMA Investing LLC increased its holdings in shares of Avnet by 4,565.4% in the 1st quarter. GAMMA Investing LLC now owns 101,566 shares of the company's stock valued at $4,884,000 after purchasing an additional 99,389 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Avnet by 49.6% during the 1st quarter. Versant Capital Management Inc now owns 2,275 shares of the company's stock valued at $109,000 after acquiring an additional 754 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Avnet in the 4th quarter worth approximately $5,807,000. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

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.