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

Avnet (NASDAQ:AVT - Free Report) had its price objective cut by Truist Financial from $49.00 to $48.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

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

Avnet Trading Up 1.2 %

AVT traded up $0.57 during trading hours on Thursday, reaching $48.64. 795,214 shares of the company's stock traded hands, compared to its average volume of 592,486. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $47.81 and a 200 day moving average price of $47.38. Avnet has a 52-week low of $40.44 and a 52-week high of $51.65. The firm has a market capitalization of $4.40 billion, a PE ratio of 6.72, a PEG ratio of 0.65 and a beta of 1.21.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $1.10 EPS for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). Avnet had a return on equity of 13.60% and a net margin of 2.62%. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. During the same quarter in the previous year, the company posted $2.00 earnings per share. The company's revenue for the quarter was down 13.2% on a year-over-year basis. As a group, sell-side analysts predict that Avnet will post 5.25 EPS for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.55%. Avnet's dividend payout ratio is presently 17.13%.

Institutional Trading of Avnet

A number of institutional investors have recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of Avnet in the first quarter worth $29,000. CWM LLC lifted its position in Avnet by 330.2% during the 3rd quarter. CWM LLC now owns 641 shares of the company's stock worth $31,000 after acquiring an additional 492 shares during the period. Venturi Wealth Management LLC grew its stake in Avnet by 46.5% during the 4th quarter. Venturi Wealth Management LLC now owns 655 shares of the company's stock valued at $33,000 after purchasing an additional 208 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Avnet in the fourth quarter valued at about $40,000. Finally, Hexagon Capital Partners LLC raised its stake in shares of Avnet by 1,113.5% in the first quarter. Hexagon Capital Partners LLC now owns 898 shares of the company's stock worth $45,000 after purchasing an additional 824 shares during the last quarter. 95.78% of the stock is currently owned by 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.