Avnet (NASDAQ:AVT) Downgraded to Underperform Rating by Bank of America

Bank of America cut shares of Avnet (NASDAQ:AVT) from a neutral rating to an underperform rating in a research report report published on Thursday morning, MarketBeat Ratings reports. They currently have $48.00 price objective on the stock, down from their previous price objective of $58.00.

Separately, Truist Financial dropped their target price on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a report on Thursday. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $48.40.

Avnet Trading Down 3.4 %

NASDAQ AVT opened at $51.41 on Thursday. The stock has a market cap of $4.47 billion, a P/E ratio of 14.56, a PEG ratio of 0.99 and a beta of 1.14. The company’s fifty day simple moving average is $53.41 and its 200-day simple moving average is $53.46. 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 52 week low of $43.62 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.44% and a net margin of 1.41%. Equities research analysts predict that Avnet will post 4.1 EPS for the current fiscal year.

Avnet Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 18th. Stockholders of record on Wednesday, December 4th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Wednesday, December 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.57%. Avnet’s dividend payout ratio is currently 37.39%.

Institutional Investors Weigh In On Avnet

A number of hedge funds have recently made changes to their positions in AVT. Capital Performance Advisors LLP bought a new position in Avnet in the 3rd quarter worth approximately $51,000. Principal Securities Inc. grew its stake in shares of Avnet by 18.2% in the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after purchasing an additional 211 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Avnet by 20.2% during 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 in the last quarter. KBC Group NV lifted its holdings in Avnet by 55.7% in the fourth quarter. KBC Group NV now owns 3,356 shares of the company’s stock worth $176,000 after purchasing an additional 1,200 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its position in Avnet by 442.1% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 3,697 shares of the company’s stock valued at $200,000 after buying an additional 3,015 shares in 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.