Avnet (NASDAQ:AVT) Cut to Underperform at Bank of America

Avnet (NASDAQ:AVT) was downgraded by stock analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report issued on Thursday,Briefing.com Automated Import reports.

Separately, Truist Financial lowered their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and an average price target of $48.50.

Avnet Trading Down 4.3 %

Shares of Avnet stock traded down $2.28 on Thursday, hitting $50.96. The stock had a trading volume of 578,482 shares, compared to its average volume of 611,044. The stock has a 50 day moving average of $53.45 and a 200 day moving average of $53.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. Avnet has a twelve month low of $43.62 and a twelve month high of $59.24. The firm has a market capitalization of $4.43 billion, a P/E ratio of 13.32, a PEG ratio of 1.01 and a beta of 1.14.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data 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 1.51% and a return on equity of 8.46%. Sell-side analysts expect that Avnet will post 4.1 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avnet

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC bought a new position in Avnet during the fourth quarter valued at $390,000. Longboard Asset Management LP bought a new position in shares of Avnet during the 4th quarter worth $207,000. EMC Capital Management increased its holdings in Avnet by 62.7% in the 4th quarter. EMC Capital Management now owns 9,149 shares of the company’s stock worth $479,000 after acquiring an additional 3,526 shares during the last quarter. 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 during the last quarter. Finally, Foster & Motley Inc. lifted its holdings in Avnet by 0.7% during the fourth quarter. Foster & Motley Inc. now owns 130,816 shares of the company’s stock valued at $6,844,000 after purchasing an additional 856 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

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.