Avnet (NASDAQ:AVT) Price Target Increased to $55.00 by Analysts at Stifel Nicolaus

Avnet (NASDAQ:AVT) had its price target lifted by Stifel Nicolaus from $50.00 to $55.00 in a report released on Friday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

Separately, Truist Financial decreased their price objective on Avnet from $49.00 to $48.00 and set a hold rating for the company in a report on Thursday, May 2nd. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $48.50.

Avnet Trading Down 0.8 %

Shares of AVT traded down $0.42 during mid-day trading on Friday, reaching $52.95. 568,047 shares of the company were exchanged, compared to its average volume of 604,008. Avnet has a 52 week low of $42.67 and a 52 week high of $55.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33. The stock has a market capitalization of $4.79 billion, a PE ratio of 8.57 and a beta of 1.16. The business has a 50 day simple moving average of $52.45 and a two-hundred day simple moving average of $49.91.

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

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Wednesday, June 5th. Avnet’s dividend payout ratio is presently 20.06%.

Insider Activity

In other news, Director Carlo Bozotti sold 9,000 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the sale, the director now directly owns 11,578 shares of the company’s stock, valued at approximately $629,843.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Carlo Bozotti sold 9,000 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the completion of the transaction, the director now owns 11,578 shares in the company, valued at approximately $629,843.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Ken E. Arnold sold 8,000 shares of the firm’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 transaction, the senior vice president now owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The disclosure for this sale can be found here. Insiders sold a total of 47,000 shares of company stock valued at $2,536,520 in the last ninety days. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Avnet

A number of large investors have recently bought and sold shares of the stock. Fifth Third Bancorp increased its stake in Avnet by 35.2% in the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock worth $42,000 after purchasing an additional 214 shares during the period. SummerHaven Investment Management LLC increased its stake in shares of Avnet by 1.5% during the fourth quarter. SummerHaven Investment Management LLC now owns 14,590 shares of the company’s stock valued at $735,000 after buying an additional 222 shares during the period. Verdence Capital Advisors LLC increased its stake in shares of Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after buying an additional 223 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Avnet by 3.7% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 6,850 shares of the company’s stock valued at $340,000 after buying an additional 243 shares during the period. Finally, US Bancorp DE increased its stake in shares of Avnet by 1.9% during the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock valued at $651,000 after buying an additional 243 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

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.