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

Avnet (NASDAQ:AVT) had its price objective trimmed by Truist Financial from $49.00 to $48.00 in a report published on Thursday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Separately, The Goldman Sachs Group lowered their price objective on Avnet from $48.00 to $42.00 and set a sell rating for the company in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $45.00.

Avnet Stock Performance

NASDAQ AVT opened at $49.41 on Thursday. The company has a market cap of $4.46 billion, a P/E ratio of 8.00, a PEG ratio of 0.66 and a beta of 1.21. The company has a fifty day simple moving average of $47.92 and a 200 day simple moving average of $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. Avnet has a 12-month low of $40.44 and a 12-month high of $51.65.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01). Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the business earned $2.00 earnings per share. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. Sell-side analysts predict that Avnet will post 5.19 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.51%. Avnet’s dividend payout ratio is currently 20.06%.

Institutional Trading of Avnet

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

About Avnet

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.