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

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

Separately, The Goldman Sachs Group dropped their price objective on shares of Avnet from $48.00 to $42.00 and set a sell rating on the stock in a research note on Thursday, February 1st. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $45.00.

Avnet Stock Up 1.6 %

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

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01). The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.00 EPS. On average, research analysts forecast that Avnet will post 5.19 EPS for the current 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 issued a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.51%. Avnet’s payout ratio is presently 20.06%.

Institutional Trading of Avnet

Institutional investors and hedge funds have recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Avnet in the first quarter worth $29,000. CWM LLC raised its position in Avnet by 330.2% in the 3rd quarter. CWM LLC now owns 641 shares of the company’s stock worth $31,000 after buying an additional 492 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in Avnet by 46.5% during 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 during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Avnet during the 4th quarter valued at about $40,000. Finally, Hexagon Capital Partners LLC grew its stake in shares of Avnet by 1,113.5% in 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 during the period. 95.78% of the stock is currently owned by institutional investors.

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.