Avnet (NASDAQ:AVT) PT Raised to $45.00

Avnet (NASDAQ:AVT) had its price objective hoisted by Wells Fargo & Company from $40.00 to $45.00 in a research report released on Friday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

Several other brokerages have also weighed in on AVT. Truist Financial increased their target price on Avnet from $48.00 to $52.00 and gave the stock a hold rating in a research report on Friday. Stifel Nicolaus raised their price objective on Avnet from $50.00 to $55.00 and gave the stock a hold rating in a report on Friday. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $48.50.

Avnet Stock Performance

NASDAQ AVT opened at $52.71 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $4.76 billion, a PE ratio of 8.53 and a beta of 1.16. The business’s 50-day moving average price is $52.41 and its 200 day moving average price is $49.95. Avnet has a twelve month low of $42.67 and a twelve month high of $55.46.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.27. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $2.06 EPS. The company’s revenue was down 15.1% on a year-over-year basis. On average, research analysts predict that Avnet will post 5.06 earnings per share for the current year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th were paid a dividend of $0.31 per share. The ex-dividend date was Wednesday, June 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.35%. Avnet’s dividend payout ratio (DPR) is 20.06%.

Insider Transactions at Avnet

In related news, SVP Ken E. Arnold sold 8,000 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the sale, the senior vice president now directly owns 40,239 shares of the company’s stock, valued at $2,186,587.26. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, SVP Ken E. Arnold sold 8,000 shares of Avnet stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $54.34, for a total value of $434,720.00. Following the completion of the transaction, the senior vice president now owns 40,239 shares in the company, valued at approximately $2,186,587.26. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Carlo Bozotti sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $54.40, for a total value of $489,600.00. Following the completion of the sale, the director now owns 11,578 shares of the company’s stock, valued at $629,843.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,000 shares of company stock valued at $2,536,520. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in Avnet by 2.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,253,451 shares of the company’s stock worth $315,175,000 after acquiring an additional 157,709 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Avnet by 9.8% in the 1st quarter. First Eagle Investment Management LLC now owns 210,113 shares of the company’s stock worth $10,417,000 after purchasing an additional 18,700 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Avnet by 4.0% during the 4th quarter. Allianz Asset Management GmbH now owns 1,083,424 shares of the company’s stock valued at $54,605,000 after purchasing an additional 41,951 shares during the period. Harbor Capital Advisors Inc. grew its stake in Avnet by 316.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 45,630 shares of the company’s stock worth $2,349,000 after buying an additional 34,675 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in Avnet by 21.2% during the 1st quarter. Acadian Asset Management LLC now owns 170,937 shares of the company’s stock worth $8,474,000 after buying an additional 29,884 shares during the last quarter. 95.78% of the stock is 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.