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

Avnet (NASDAQ:AVT) had its target price lowered by Truist Financial from $49.00 to $48.00 in a report released on Thursday morning, Benzinga reports. The firm currently has a hold rating on the stock.

Separately, The Goldman Sachs Group lowered their price objective on shares of Avnet from $48.00 to $42.00 and set a sell rating for the company in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $45.00.

Avnet Price Performance

Avnet stock traded up $0.77 during trading hours on Thursday, hitting $49.41. 746,177 shares of the stock were exchanged, compared to its average volume of 581,849. Avnet has a 12 month low of $40.44 and a 12 month high of $51.65. The business’s 50-day moving average is $47.92 and its two-hundred day moving average is $47.40. 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 stock has a market capitalization of $4.46 billion, a P/E ratio of 8.00, a P/E/G ratio of 0.66 and a beta of 1.21.

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 the consensus estimate of $1.11 by ($0.01). The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The company’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.00 EPS. Equities research analysts expect that Avnet will post 5.19 EPS for the current fiscal year.

Avnet Announces Dividend

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

Institutional Investors Weigh In On Avnet

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Avnet by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 10,519,704 shares of the company’s stock worth $506,945,000 after buying 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 worth $420,711,000 after buying an additional 42,234 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Avnet by 2.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after buying an additional 157,709 shares during the period. Greenhaven Associates Inc. grew its position in shares of Avnet by 1.7% during the 4th 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 period. Finally, LSV Asset Management lifted its position in shares of Avnet by 5.3% in the third quarter. LSV Asset Management now owns 3,077,468 shares of the company’s stock worth $148,303,000 after purchasing an additional 154,700 shares in 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.