Bank of America Forecasts Strong Price Appreciation for Avnet (NASDAQ:AVT) Stock

Avnet (NASDAQ:AVT) had its price target raised by investment analysts at Bank of America from $48.00 to $50.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “underperform” rating on the stock. Bank of America‘s target price indicates a potential downside of 6.26% from the company’s previous close.

Several other equities research analysts also recently commented on AVT. Truist Financial upped their target price on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Wells Fargo & Company lowered their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st.

Avnet Stock Up 3.1%

Shares of NASDAQ:AVT opened at $53.34 on Monday. Avnet has a 52 week low of $39.22 and a 52 week high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 2.43. The company has a market capitalization of $4.47 billion, a PE ratio of 19.54, a PEG ratio of 1.23 and a beta of 1.06. The company has a 50 day moving average price of $53.22 and a two-hundred day moving average price of $50.65.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The firm had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the prior year, the firm earned $1.22 earnings per share. The business’s quarterly revenue was up 1.0% on a year-over-year basis. Analysts forecast that Avnet will post 3.41 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB boosted its holdings in Avnet by 109.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after purchasing an additional 276 shares during the last quarter. Legacy Advisors LLC acquired a new position in Avnet during the first quarter worth $26,000. GeoWealth Management LLC acquired a new position in Avnet during the fourth quarter worth $31,000. Natixis boosted its holdings in Avnet by 1,463.8% during the fourth quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after purchasing an additional 688 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its holdings in Avnet by 43.0% during the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after purchasing an additional 246 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

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.