Avnet, Inc. (NASDAQ:AVT) Short Interest Update

Avnet, Inc. (NASDAQ:AVT) was the recipient of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 3,990,000 shares, a growth of 9.3% from the July 31st total of 3,650,000 shares. Currently, 4.6% of the shares of the company are short sold. Based on an average daily volume of 611,300 shares, the days-to-cover ratio is presently 6.5 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Stifel Nicolaus raised their target price on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Truist Financial raised their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company upped their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, Avnet currently has a consensus rating of “Hold” and a consensus price target of $48.50.

Insider Activity

In other news, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the transaction, the senior vice president now owns 40,239 shares in the company, valued at approximately $2,186,587.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Avnet

Several large investors have recently bought and sold shares of AVT. Rise Advisors LLC bought a new position in shares of Avnet in the 1st quarter valued at about $29,000. Fifth Third Bancorp lifted its stake in shares of Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after purchasing an additional 214 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in shares of Avnet by 1,113.5% in the 1st quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock valued at $45,000 after purchasing an additional 824 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Avnet by 40.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,450 shares of the company’s stock worth $73,000 after purchasing an additional 420 shares during the period. Finally, nVerses Capital LLC bought a new position in shares of Avnet during the 2nd quarter valued at approximately $77,000. Institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of Avnet stock traded up $0.39 on Friday, hitting $55.18. 1,188,588 shares of the company traded hands, compared to its average volume of 573,696. 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 business has a 50-day simple moving average of $52.79 and a 200 day simple moving average of $50.81. Avnet has a 52 week low of $42.67 and a 52 week high of $55.80. The stock has a market capitalization of $4.99 billion, a P/E ratio of 8.93 and a beta of 1.16.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Thursday, August 8th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $0.95 by $0.27. The business had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a net margin of 2.10% and a return on equity of 9.92%. The business’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.06 EPS. Research analysts expect that Avnet will post 4.57 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be given a dividend of $0.33 per share. This is an increase from Avnet’s previous quarterly dividend of $0.31. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date is Wednesday, September 11th. Avnet’s dividend payout ratio is currently 21.36%.

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.