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

Avnet, Inc. (NASDAQ:AVT) was the recipient of a significant growth in short interest in July. As of July 15th, there was short interest totalling 3,410,000 shares, a growth of 8.3% from the June 30th total of 3,150,000 shares. Currently, 3.8% of the shares of the stock are sold short. Based on an average daily volume of 648,900 shares, the short-interest ratio is presently 5.3 days.

Insider Buying and Selling

In other news, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Ken E. Arnold sold 8,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Philip R. Gallagher sold 19,532 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $51.63, for a total transaction of $1,008,437.16. Following the sale, the chief executive officer now directly owns 140,792 shares in the company, valued at $7,269,090.96. The disclosure for this sale can be found here. Insiders sold 66,532 shares of company stock valued at $3,544,957 over the last quarter. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Avnet

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rise Advisors LLC bought a new position in shares of Avnet during the first quarter worth $29,000. Venturi Wealth Management LLC lifted its position in Avnet by 46.5% in the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after acquiring an additional 208 shares in the last quarter. Fifth Third Bancorp lifted its position in 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 acquiring an additional 214 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in 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 acquiring an additional 824 shares in the last quarter. Finally, GAMMA Investing LLC bought a new stake in Avnet in the 4th quarter valued at $63,000. 95.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Truist Financial decreased their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $45.00.

Avnet Trading Down 0.2 %

AVT stock traded down $0.10 during midday trading on Tuesday, reaching $53.08. The company’s stock had a trading volume of 219,539 shares, compared to its average volume of 601,439. Avnet has a 52 week low of $42.67 and a 52 week high of $55.46. The stock has a market cap of $4.80 billion, a PE ratio of 8.58 and a beta of 1.16. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $52.92 and its 200-day simple moving average is $49.63.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the business posted $2.00 earnings per share. Avnet’s revenue was down 13.2% compared to the same quarter last year. As a group, sell-side analysts expect that Avnet will post 5.06 EPS for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were given a dividend of $0.31 per share. The ex-dividend date was Wednesday, June 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.34%. Avnet’s dividend payout ratio is 20.06%.

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.