Avnet, Inc. (NASDAQ:AVT) Given Average Recommendation of “Hold” by Analysts

Avnet, Inc. (NASDAQ:AVT) has been given a consensus rating of “Hold” by the six research firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $89.50.

A number of analysts recently commented on the stock. Raymond James Financial restated a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a research note on Thursday, April 30th. Truist Financial lifted their price objective on shares of Avnet to $95.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Research cut shares of Avnet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 25th. Finally, Bank of America raised Avnet from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th.

Avnet Price Performance

NASDAQ AVT opened at $88.84 on Friday. The company has a market cap of $7.29 billion, a PE ratio of 34.57, a price-to-earnings-growth ratio of 0.27 and a beta of 1.09. Avnet has a 52 week low of $44.25 and a 52 week high of $95.26. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The firm’s 50-day simple moving average is $87.60 and its two-hundred day simple moving average is $73.95.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The firm had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the company earned $0.84 earnings per share. The company’s revenue was up 34.0% on a year-over-year basis. Research analysts predict that Avnet will post 5.12 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, June 3rd were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. Avnet’s payout ratio is presently 54.47%.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the transaction, the chief executive officer owned 145,003 shares in the company, valued at $12,023,648.76. This trade represents a 14.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Handelsbanken Fonder AB lifted its holdings in shares of Avnet by 6.8% in the second quarter. Handelsbanken Fonder AB now owns 23,500 shares of the company’s stock worth $2,087,000 after buying an additional 1,500 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Avnet in the second quarter valued at approximately $216,000. Elevation Wealth Partners LLC boosted its position in shares of Avnet by 38.5% in the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after acquiring an additional 185 shares during the period. Assenagon Asset Management S.A. grew its stake in Avnet by 170.2% during the second quarter. Assenagon Asset Management S.A. now owns 395,207 shares of the company’s stock valued at $35,102,000 after acquiring an additional 248,940 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Avnet by 12.9% during the second quarter. GAMMA Investing LLC now owns 3,223 shares of the company’s stock valued at $286,000 after acquiring an additional 368 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.