Truist Financial Has Lowered Expectations for Avnet (NASDAQ:AVT) Stock Price

Avnet (NASDAQ:AVT) had its target price lowered by Truist Financial from $52.00 to $50.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential upside of 0.56% from the stock’s previous close.

Separately, Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $58.00 to $48.00 in a research report on Thursday, January 30th.

Avnet Trading Up 1.8 %

Shares of Avnet stock opened at $49.72 on Thursday. The company has a market capitalization of $4.30 billion, a P/E ratio of 14.08, a price-to-earnings-growth ratio of 1.13 and a beta of 1.04. The stock has a fifty day simple moving average of $47.81 and a 200 day simple moving average of $51.37. Avnet has a 12-month low of $39.22 and a 12-month high of $59.24. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.12. Avnet had a net margin of 1.41% and a return on equity of 7.49%. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. During the same quarter in the prior year, the business posted $1.10 EPS. The business’s revenue was down 6.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Avnet will post 3.41 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avnet

Hedge funds have recently modified their holdings of the stock. Hexagon Capital Partners LLC raised its stake in shares of Avnet by 12.9% in the first quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company’s stock valued at $88,000 after buying an additional 208 shares during the period. Principal Securities Inc. raised its stake in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after acquiring an additional 211 shares during the period. TD Private Client Wealth LLC raised its stake in Avnet by 43.0% in the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock valued at $39,000 after acquiring an additional 246 shares during the period. World Investment Advisors lifted its holdings in Avnet by 3.7% during the fourth quarter. World Investment Advisors now owns 7,223 shares of the company’s stock valued at $378,000 after purchasing an additional 255 shares during the last quarter. Finally, Highland Capital Management LLC boosted its position in Avnet by 6.6% during the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after purchasing an additional 261 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.