Truist Financial Cuts Avnet (NASDAQ:AVT) Price Target to $52.00

Avnet (NASDAQ:AVT) had its target price cut by investment analysts at Truist Financial from $54.00 to $52.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential downside of 1.67% from the stock’s previous close.

Avnet Stock Down 0.7 %

Shares of NASDAQ AVT traded down $0.36 during midday trading on Thursday, reaching $52.88. The company’s stock had a trading volume of 100,949 shares, compared to its average volume of 588,060. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. Avnet has a fifty-two week low of $43.62 and a fifty-two week high of $59.24. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 1.01 and a beta of 1.14. The stock has a 50 day simple moving average of $53.45 and a 200-day simple moving average of $53.47.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.51% and a return on equity of 8.46%. Equities research analysts predict that Avnet will post 4.1 earnings per share for the current year.

Hedge Funds Weigh In On Avnet

Institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of Avnet in the third quarter valued at $51,000. GAMMA Investing LLC increased its holdings in shares of Avnet by 20.2% in the third quarter. GAMMA Investing LLC now owns 1,836 shares of the company’s stock valued at $100,000 after purchasing an additional 309 shares during the last quarter. KBC Group NV increased its holdings in shares of Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock valued at $176,000 after purchasing an additional 1,200 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Avnet by 29.3% in the third quarter. Blue Trust Inc. now owns 3,874 shares of the company’s stock valued at $199,000 after purchasing an additional 879 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Avnet by 442.1% in the third quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after purchasing an additional 3,015 shares during the last quarter. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Avnet Company Profile

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.