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

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

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

Avnet Stock Up 1.6 %

Avnet stock traded up $0.77 during trading on Thursday, reaching $49.41. 746,177 shares of the company’s stock were exchanged, compared to its average volume of 581,849. Avnet has a 52-week low of $40.44 and a 52-week high of $51.65. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 0.66 and a beta of 1.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. The company’s 50-day moving average is $47.92 and its two-hundred day moving average is $47.40.

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

Avnet Announces Dividend

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

Hedge Funds Weigh In On Avnet

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Avnet by 1.3% during the third quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after purchasing an additional 135,171 shares during the period. Pzena Investment Management LLC grew its position in shares of Avnet by 0.5% during the 3rd quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company’s stock valued at $420,711,000 after buying an additional 42,234 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Avnet by 2.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after acquiring an additional 157,709 shares during the period. Greenhaven Associates Inc. lifted its holdings in Avnet by 1.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock worth $193,274,000 after acquiring an additional 62,710 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Avnet by 5.3% in the third quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock valued at $148,303,000 after acquiring an additional 154,700 shares during the period. Institutional investors own 95.78% of the company’s stock.

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.