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

Avnet, Inc. (NASDAQ:AVT) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 3,160,000 shares, an increase of 7.1% from the March 15th total of 2,950,000 shares. Based on an average daily volume of 592,800 shares, the short-interest ratio is presently 5.3 days. Approximately 3.5% of the company’s shares are sold short.

Institutional Trading of Avnet

A number of hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC bought a new position in Avnet in the 1st quarter valued at approximately $29,000. CWM LLC lifted its position in Avnet by 330.2% in the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock valued at $31,000 after acquiring an additional 492 shares in the last quarter. 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. Bruce G. Allen Investments LLC bought a new position in Avnet in the 4th quarter valued at approximately $40,000. Finally, Amundi bought a new position in Avnet in the 4th quarter valued at approximately $37,000. 95.78% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, The Goldman Sachs Group reduced their target price on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a report on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $45.50.

Avnet Stock Up 0.0 %

AVT stock opened at $47.11 on Wednesday. Avnet has a fifty-two week low of $39.64 and a fifty-two week high of $51.65. The business’s 50 day moving average price is $47.07 and its two-hundred day moving average price is $47.36. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 2.34. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 6.51, a price-to-earnings-growth ratio of 0.62 and a beta of 1.24.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, January 31st. The company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.01. Avnet had a return on equity of 13.60% and a net margin of 2.62%. The firm had revenue of $6.20 billion for the quarter, compared to analysts’ expectations of $6.15 billion. During the same period in the previous year, the firm posted $2.00 EPS. As a group, analysts forecast that Avnet will post 5.25 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were given a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.63%. Avnet’s dividend payout ratio is currently 17.13%.

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.