Avnet (NASDAQ:AVT) Price Target Lowered to $48.00 at Truist Financial

Avnet (NASDAQ:AVT) had its target price cut by Truist Financial from $49.00 to $48.00 in a research note released on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

Separately, The Goldman Sachs Group dropped their target price on shares of Avnet from $48.00 to $42.00 and set a sell rating for the company in a research 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 company’s stock. According to data from MarketBeat, Avnet has a consensus rating of Hold and a consensus price target of $45.00.

Avnet Stock Performance

Avnet stock traded up $0.77 during mid-day trading on Thursday, hitting $49.41. 746,177 shares of the company’s stock traded hands, compared to its average volume of 581,849. Avnet has a fifty-two week low of $40.44 and a fifty-two week high of $51.65. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of 8.00, a P/E/G ratio of 0.65 and a beta of 1.21. The firm has a 50 day simple moving average of $47.92 and a two-hundred day simple moving average of $47.40. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter last year, the firm earned $2.00 earnings per share. The business’s revenue for the quarter was down 13.2% compared to the same quarter last year. On average, research analysts expect that Avnet will post 5.19 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, March 5th. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Institutional Investors Weigh In On Avnet

A number of large investors have recently bought and sold shares of the stock. Rise Advisors LLC bought a new stake in shares of Avnet during the first quarter valued at approximately $29,000. CWM LLC lifted its stake in shares of Avnet by 330.2% in the third quarter. CWM LLC now owns 641 shares of the company’s stock valued at $31,000 after buying an additional 492 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Avnet by 46.5% during the fourth quarter. Venturi Wealth Management LLC now owns 655 shares of the company’s stock valued at $33,000 after buying an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Avnet during the fourth quarter valued at about $40,000. Finally, Hexagon Capital Partners LLC increased its position in shares of Avnet by 1,113.5% during the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company’s stock worth $45,000 after acquiring an additional 824 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

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.