Avnet (NASDAQ:AVT) Reaches New 1-Year High - Time to Buy?

Avnet, Inc. (NASDAQ:AVT - Get Free Report) hit a new 52-week high on Wednesday . The stock traded as high as $58.07 and last traded at $57.09, with a volume of 42392 shares traded. The stock had previously closed at $54.46.

Analyst Ratings Changes

AVT has been the topic of several recent analyst reports. Truist Financial increased their price target on shares of Avnet from $48.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Stifel Nicolaus upped their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company lifted 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.

Avnet Price Performance

The company has a 50-day moving average of $53.47 and a 200-day moving average of $52.56. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 2.32. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 10.77 and a beta of 1.15.

Avnet (NASDAQ:AVT - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a return on equity of 9.92% and a net margin of 2.10%. The business had revenue of $5.60 billion during the quarter, compared to analysts' expectations of $5.43 billion. During the same quarter in the prior year, the business earned $1.61 earnings per share. The company's quarterly revenue was down 11.5% compared to the same quarter last year. As a group, equities research analysts predict that Avnet, Inc. will post 4.57 earnings per share for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were issued a $0.33 dividend. This is an increase from Avnet's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Wednesday, September 11th. This represents a $1.32 annualized dividend and a dividend yield of 2.29%. Avnet's payout ratio is presently 24.40%.

Institutional Trading of Avnet

Several hedge funds have recently modified their holdings of the business. First Eagle Investment Management LLC raised its position in Avnet by 9.8% in the first quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company's stock worth $10,417,000 after acquiring an additional 18,700 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Avnet by 316.5% during the second quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company's stock worth $2,349,000 after buying an additional 34,675 shares in the last quarter. Vanguard Group Inc. grew its position in Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company's stock worth $542,918,000 after buying an additional 519,478 shares during the period. Acadian Asset Management LLC lifted its position in shares of Avnet by 21.2% during the 1st quarter. Acadian Asset Management LLC now owns 170,937 shares of the company's stock valued at $8,474,000 after acquiring an additional 29,884 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Avnet during the 1st quarter worth approximately $4,333,000. 95.78% of the stock is owned by institutional investors and hedge funds.

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.