Avnet (NASDAQ:AVT) Hits New 1-Year High on Strong Earnings

Avnet, Inc. (NASDAQ:AVT)’s stock price hit a new 52-week high on Wednesday following a better than expected earnings announcement. The stock traded as high as $95.26 and last traded at $93.2640, with a volume of 13227 shares. The stock had previously closed at $92.53.

The company reported $2.28 EPS for the quarter, topping the consensus estimate of $1.80 by $0.48. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The firm had revenue of $8.30 billion during the quarter, compared to analysts’ expectations of $7.56 billion. During the same period last year, the business earned $0.81 earnings per share. Avnet’s quarterly revenue was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. Avnet’s dividend payout ratio (DPR) is presently 54.47%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Wells Fargo & Company lifted their price objective on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Weiss Ratings lowered Avnet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Bank of America upgraded Avnet from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $95.00 price target on shares of Avnet in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $89.50.

Institutional Trading of Avnet

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada boosted its holdings in shares of Avnet by 3.0% in the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after acquiring an additional 2,101 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Avnet by 16.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock valued at $11,148,000 after purchasing an additional 31,919 shares in the last quarter. United Services Automobile Association bought a new position in Avnet in the 1st quarter valued at $267,000. Empowered Funds LLC raised its position in Avnet by 9.3% in the 1st quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock valued at $392,000 after purchasing an additional 696 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Avnet by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after purchasing an additional 16,443 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Up 0.8%

The firm has a fifty day moving average price of $87.72 and a 200 day moving average price of $74.70. 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 has a market cap of $7.65 billion, a P/E ratio of 36.29, a PEG ratio of 0.28 and a beta of 1.09.

Avnet Company Profile

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.