Avnet (NASDAQ:AVT) Given New $52.00 Price Target at Truist Financial

Avnet (NASDAQ:AVT) had its target price reduced by Truist Financial from $54.00 to $52.00 in a research report released on Thursday,Benzinga reports. They currently have a hold rating on the stock.

Avnet Trading Down 3.4 %

Shares of NASDAQ AVT opened at $51.41 on Thursday. The business has a fifty day moving average price of $53.41 and a 200 day moving average price of $53.46. Avnet has a 1-year low of $43.62 and a 1-year high of $59.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The stock has a market capitalization of $4.47 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 0.99 and a beta of 1.14.

Avnet (NASDAQ:AVT) last released its quarterly 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%. Equities research analysts expect that Avnet will post 4.1 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Wednesday, December 4th. Avnet’s payout ratio is 37.39%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of AVT. Principal Securities Inc. raised its holdings in Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after purchasing an additional 211 shares during the period. Empowered Funds LLC purchased a new stake in shares of Avnet in the fourth quarter valued at approximately $390,000. Longboard Asset Management LP acquired a new position in shares of Avnet during the 4th quarter worth approximately $207,000. EMC Capital Management lifted its position in shares of Avnet by 62.7% during the 4th quarter. EMC Capital Management now owns 9,149 shares of the company’s stock valued at $479,000 after buying an additional 3,526 shares in the last quarter. Finally, Highland Capital Management LLC increased its holdings in Avnet by 6.6% in the 4th quarter. Highland Capital Management LLC now owns 4,234 shares of the company’s stock worth $222,000 after acquiring an additional 261 shares in the last quarter. 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.