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

Avnet (NASDAQ:AVT) had its price target lowered by investment analysts at 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. Truist Financial’s price objective would suggest a potential downside of 1.67% from the stock’s previous close.

Avnet Price Performance

AVT traded down $0.36 during midday trading on Thursday, hitting $52.88. The company had a trading volume of 100,949 shares, compared to its average volume of 588,060. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The company has a market capitalization of $4.60 billion, a PE ratio of 13.84, a P/E/G ratio of 1.01 and a beta of 1.14. Avnet has a twelve month low of $43.62 and a twelve month high of $59.24. The firm’s 50-day simple moving average is $53.45 and its 200-day simple moving average is $53.47.

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

Institutional Investors Weigh In On Avnet

Institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC boosted its stake in Avnet by 4.2% during the 2nd quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock worth $280,000 after acquiring an additional 219 shares during the last quarter. Coldstream Capital Management Inc. boosted its stake in Avnet by 5.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company’s stock worth $246,000 after acquiring an additional 222 shares during the last quarter. Highland Capital Management LLC boosted its stake in Avnet by 6.6% during 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 during the last quarter. GAMMA Investing LLC lifted its stake in 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 buying an additional 309 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in Avnet by 0.9% in the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company’s stock valued at $2,890,000 after buying an additional 455 shares in the last quarter. 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.