Avnet, Inc. (NASDAQ:AVT) Receives Average Recommendation of “Hold” from Brokerages

Avnet, Inc. (NASDAQ:AVTGet Rating) has received a consensus rating of “Hold” from the seven research firms that are presently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $46.33.

AVT has been the topic of several research reports. Citigroup upped their price target on shares of Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday. Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating and set a $42.00 price target on the stock. in a research note on Tuesday, April 5th. Truist Financial decreased their price target on shares of Avnet from $45.00 to $41.00 and set a “hold” rating on the stock in a research note on Friday, April 8th. Finally, Wells Fargo & Company upped their price target on shares of Avnet from $40.00 to $45.00 and gave the company an “equal weight” rating in a research note on Tuesday.

NASDAQ AVT traded up $0.28 on Tuesday, hitting $49.24. 19,545 shares of the stock were exchanged, compared to its average volume of 806,635. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.02 and a quick ratio of 1.12. The business’s fifty day moving average is $43.27 and its 200 day moving average is $41.49. Avnet has a 52 week low of $35.71 and a 52 week high of $50.19. The company has a market capitalization of $4.81 billion, a PE ratio of 9.34, a P/E/G ratio of 0.19 and a beta of 1.27.

Avnet (NASDAQ:AVTGet Rating) last released its quarterly earnings data on Wednesday, April 27th. The company reported $2.15 EPS for the quarter, beating the consensus estimate of $1.52 by $0.63. Avnet had a net margin of 2.29% and a return on equity of 14.40%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period in the previous year, the company earned $0.74 earnings per share. The company’s quarterly revenue was up 32.0% on a year-over-year basis. Analysts predict 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 issued 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 dividend payout ratio (DPR) is currently 19.66%.

In other news, Director William H. Schumann sold 3,856 shares of the stock in a transaction dated Wednesday, May 4th. The shares were 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 the SEC website. 1.10% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Duncker Streett & Co. Inc. bought a new position in Avnet during the 4th quarter worth approximately $25,000. Confluence Wealth Services Inc. acquired a new stake in shares of Avnet during the 4th quarter worth approximately $27,000. Quantbot Technologies LP acquired a new stake in shares of Avnet during the 1st quarter worth approximately $38,000. Ellevest Inc. grew its position in shares of Avnet by 168.7% during the 4th quarter. Ellevest Inc. now owns 986 shares of the company’s stock worth $41,000 after buying an additional 619 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in shares of Avnet by 163.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 1,216 shares of the company’s stock worth $50,000 after buying an additional 755 shares during the period. Institutional investors and hedge funds own 96.44% of the company’s stock.

Avnet Company Profile (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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