Truist Financial Issues Pessimistic Forecast for Avnet (NASDAQ:AVT) Stock Price

Avnet (NASDAQ:AVT) had its target price trimmed by Truist Financial from $54.00 to $52.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a hold rating on the stock.

Avnet Stock Up 0.5 %

Shares of AVT opened at $51.66 on Thursday. The firm has a market cap of $4.49 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The company’s fifty day moving average is $53.35 and its two-hundred day moving average is $53.45. Avnet has a fifty-two week low of $43.62 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.44%. Analysts forecast that Avnet will post 4.1 earnings per share for the current year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.56%. Avnet’s dividend payout ratio (DPR) is 37.39%.

Institutional Investors Weigh In On Avnet

Several large investors have recently made changes to their positions in AVT. FMR LLC lifted its position in Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after acquiring an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. lifted its position in shares of Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock worth $11,197,000 after purchasing an additional 148,588 shares in the last quarter. Weiss Asset Management LP boosted its stake in shares of Avnet by 35.7% in the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after purchasing an additional 66,973 shares during the period. JPMorgan Chase & Co. grew its holdings in Avnet by 13.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after purchasing an additional 28,453 shares in the last quarter. Finally, Park Avenue Securities LLC increased its stake in Avnet by 22.6% during the 4th quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after buying an additional 1,101 shares during the period. 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.