Avnet, Inc. (NASDAQ:AVT) Receives Consensus Rating of “Hold” from Analysts

Avnet, Inc. (NASDAQ:AVT – Get Rating) has been assigned a consensus rating of “Hold” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $46.33.

A number of equities research analysts recently issued reports on AVT shares. Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating and set a $42.00 price target for the company. in a research note on Tuesday, April 5th. Citigroup raised their price target on Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday. Truist Financial decreased their target price on Avnet from $45.00 to $41.00 and set a “hold” rating for the company in a research report on Friday, April 8th. Finally, Wells Fargo & Company lifted their target price on Avnet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research report on Tuesday.

In related news, Director William H. Schumann sold 3,856 shares of the company’s stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $45.20, for a total value of $174,291.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Avnet during the fourth quarter valued at approximately $40,161,000. JPMorgan Chase & Co. grew its position in Avnet by 262.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,119,812 shares of the company’s stock worth $46,170,000 after acquiring an additional 810,797 shares during the period. BlackRock Inc. grew its position in Avnet by 6.9% in the fourth quarter. BlackRock Inc. now owns 9,551,529 shares of the company’s stock worth $393,810,000 after acquiring an additional 619,122 shares during the period. ARGA Investment Management LP grew its position in Avnet by 5,575.5% in the fourth quarter. ARGA Investment Management LP now owns 611,591 shares of the company’s stock worth $25,216,000 after acquiring an additional 600,815 shares during the period. Finally, Millennium Management LLC boosted its position in shares of Avnet by 51.8% during the fourth quarter. Millennium Management LLC now owns 1,277,300 shares of the company’s stock worth $52,663,000 after buying an additional 435,711 shares during the period. 96.44% of the stock is owned by institutional investors.

AVT traded up $0.28 on Tuesday, hitting $49.24. 19,545 shares of the company’s stock traded hands, compared to its average volume of 806,635. The company’s 50 day simple moving average is $43.27 and its 200-day simple moving average is $41.49. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 0.19 and a beta of 1.27. Avnet has a one year low of $35.71 and a one year high of $50.19. The company has a current ratio of 2.02, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22.

Avnet (NASDAQ:AVT – Get Rating) last released its quarterly earnings results on Wednesday, April 27th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.63. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a return on equity of 14.40% and a net margin of 2.29%. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 EPS. As a group, equities analysts anticipate that Avnet will post 6.83 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 22nd. Stockholders of record on Wednesday, June 8th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Tuesday, June 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.11%. Avnet’s payout ratio is 19.66%.

About Avnet (Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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