Avnet (AVT) Hits New Lifetime High Today

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Trade-Ideas LLC identified Avnet ( AVT) as a new lifetime high candidate. In addition to specific proprietary factors, Trade-Ideas identified Avnet as such a stock due to the following factors:

  • AVT has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $30.8 million.
  • AVT has traded 24,010 shares today.
  • AVT is trading at a new lifetime high.

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More details on AVT:

Avnet, Inc., together with its subsidiaries, distributes electronic components, enterprise computer and storage products, and embedded subsystems in the Americas, Europe, the Middle East, Africa, Asia, Australia, and New Zealand. The stock currently has a dividend yield of 1.4%. AVT has a PE ratio of 13.1. Currently there are 5 analysts that rate Avnet a buy, no analysts rate it a sell, and 3 rate it a hold.

The average volume for Avnet has been 809,700 shares per day over the past 30 days. Avnet has a market cap of $6.1 billion and is part of the services sector and wholesale industry. The stock has a beta of 1.34 and a short float of 1.7% with 3.47 days to cover. Shares are down 0.3% year-to-date as of the close of trading on Tuesday.

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TheStreetRatings.com Analysis:

TheStreet Quant Ratings rates Avnet as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, increase in net income, attractive valuation levels and growth in earnings per share. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity.

Highlights from the ratings report include:
  • AVT's revenue growth has slightly outpaced the industry average of 0.7%. Since the same quarter one year prior, revenues slightly increased by 8.1%. Growth in the company's revenue appears to have helped boost the earnings per share.
  • Investors have apparently begun to recognize positive factors similar to those we have mentioned in this report, including earnings growth. This has helped drive up the company's shares by a sharp 37.36% over the past year, a rise that has exceeded that of the S&P 500 Index. Regarding the stock's future course, although almost any stock can fall in a broad market decline, AVT should continue to move higher despite the fact that it has already enjoyed a very nice gain in the past year.
  • The net income growth from the same quarter one year ago has exceeded that of the S&P 500 and greatly outperformed compared to the Electronic Equipment, Instruments & Components industry average. The net income increased by 20.3% when compared to the same quarter one year prior, going from $100.31 million to $120.62 million.
  • AVNET INC has improved earnings per share by 22.9% in the most recent quarter compared to the same quarter a year ago. This company has reported somewhat volatile earnings recently. But, we feel it is poised for EPS growth in the coming year. During the past fiscal year, AVNET INC reported lower earnings of $3.22 versus $3.79 in the prior year. This year, the market expects an improvement in earnings ($4.17 versus $3.22).

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
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