Avnet (NASDAQ:AVT) Receives "Hold (C+)" Rating from Weiss Ratings

Key Points

• Avnet's stock has been given a "hold (C+)" rating by Weiss Ratings, indicating analysts have mixed views on its performance.
• Avnet reported $0.81 earnings per share for the last quarter, exceeding estimates of $0.72 and showing a 1.0% increase in revenue year-over-year.
• Truist Financial and Zacks Research have recently upgraded their ratings on Avnet, with a target price increase to between $50.00 and $54.00.

Avnet (NASDAQ:AVT - Get Free Report)'s stock had its "hold (c+)" rating reissued by equities research analysts at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

A number of other equities research analysts have also issued reports on the company. Truist Financial raised their price target on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Zacks Research raised Avnet from a "strong sell" rating to a "hold" rating in a research note on Monday. Finally, Bank of America raised their price target on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $49.00.

Avnet Trading Down 1.2%

Shares of Avnet stock traded down $0.65 on Friday, reaching $51.49. The company had a trading volume of 702,044 shares, compared to its average volume of 844,976. Avnet has a 1 year low of $39.22 and a 1 year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The firm has a market cap of $4.29 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 0.38 and a beta of 1.06. The firm's 50-day moving average price is $52.87 and its two-hundred day moving average price is $51.89.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. During the same period last year, the company earned $1.22 EPS. Avnet's quarterly revenue was up 1.0% compared to the same quarter last year. As a group, research analysts predict that Avnet will post 3.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVT. Robeco Institutional Asset Management B.V. grew its stake in Avnet by 3.7% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 40,078 shares of the company's stock worth $1,927,000 after buying an additional 1,422 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in Avnet during the 1st quarter worth $49,000. Highland Capital Management LLC grew its stake in Avnet by 24.7% during the 1st quarter. Highland Capital Management LLC now owns 5,281 shares of the company's stock worth $254,000 after buying an additional 1,047 shares during the last quarter. Eads & Heald Wealth Management grew its stake in Avnet by 12.0% during the 1st quarter. Eads & Heald Wealth Management now owns 10,924 shares of the company's stock worth $525,000 after buying an additional 1,168 shares during the last quarter. Finally, Kendall Capital Management boosted its position in shares of Avnet by 7.7% during the first quarter. Kendall Capital Management now owns 143,445 shares of the company's stock worth $6,898,000 after buying an additional 10,240 shares during the period. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

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.

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