Avnet (NASDAQ:AVT) Hits New 1-Year Low – Here’s What Happened

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

Wall Street Analysts Forecast Growth

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

Avnet Trading Down 4.6 %

The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The firm has a 50-day moving average price of $49.57 and a 200 day moving average price of $52.33.

Avnet (NASDAQ:AVT) last issued 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 return on equity of 7.49% and a net margin of 1.41%. As a group, sell-side analysts forecast that Avnet, Inc. will post 3.41 EPS for the current year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is 37.39%.

Hedge Funds Weigh In On Avnet

Several large investors have recently bought and sold shares of AVT. FMR LLC boosted its holdings in Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after buying an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Avnet by 227.1% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after buying an additional 148,588 shares during the period. Weiss Asset Management LP raised its holdings in shares of Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after acquiring an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Avnet by 13.2% during the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after acquiring an additional 28,453 shares during the period. Finally, Park Avenue Securities LLC boosted its stake in shares of Avnet by 22.6% in the 4th quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock valued at $312,000 after purchasing an additional 1,101 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

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.