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

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

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

Avnet Price Performance

Shares of Avnet stock opened at $49.41 on Thursday. Avnet has a twelve month low of $40.44 and a twelve month high of $51.65. 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 firm has a market cap of $4.46 billion, a P/E ratio of 8.00, a price-to-earnings-growth ratio of 0.66 and a beta of 1.21. The firm’s 50-day simple moving average is $47.92 and its 200-day simple moving average is $47.40.

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

Avnet Announces Dividend

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

Institutional Trading of Avnet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in 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 acquiring an additional 135,171 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of Avnet by 0.5% during the third quarter. Pzena Investment Management LLC now owns 8,730,260 shares of the company’s stock valued at $420,711,000 after purchasing an additional 42,234 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of 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 purchasing an additional 157,709 shares during the last quarter. Greenhaven Associates Inc. increased its holdings in shares of Avnet by 1.7% in the fourth quarter. Greenhaven Associates Inc. now owns 3,834,799 shares of the company’s stock valued at $193,274,000 after purchasing an additional 62,710 shares in the last quarter. Finally, LSV Asset Management raised its position in Avnet by 5.3% in the 3rd 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 during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

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.