Bank of America Downgrades Avnet (NASDAQ:AVT) to Underperform

Avnet (NASDAQ:AVT) was downgraded by investment analysts at Bank of America from a “neutral” rating to an “underperform” rating in a report issued on Thursday, MarketBeat reports. They presently have a $48.00 price target on the stock, down from their prior price target of $58.00. Bank of America‘s target price indicates a potential downside of 7.08% from the company’s current price.

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

Avnet Stock Up 0.5 %

Shares of Avnet stock opened at $51.66 on Thursday. Avnet has a 1 year low of $43.62 and a 1 year high of $59.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.25 and a quick ratio of 1.07. The company has a 50-day moving average of $53.35 and a 200 day moving average of $53.45. The firm has a market cap of $4.49 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 0.99 and a beta of 1.14.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.44%. As a group, sell-side analysts anticipate that Avnet will post 4.1 earnings per share for the current fiscal year.

Institutional Trading of Avnet

Several institutional investors have recently added to or reduced their stakes in AVT. Hsbc Holdings PLC boosted its position in shares of Avnet by 4.2% during the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after buying an additional 219 shares during the last quarter. Bank of Montreal Can lifted its stake in Avnet by 8.1% during the 2nd quarter. Bank of Montreal Can now owns 38,114 shares of the company’s stock valued at $2,017,000 after acquiring an additional 2,847 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Avnet by 106.4% during the 2nd quarter. Mackenzie Financial Corp now owns 54,519 shares of the company’s stock valued at $2,807,000 after acquiring an additional 28,109 shares during the last quarter. Creative Planning grew its stake in shares of Avnet by 12.2% in the second quarter. Creative Planning now owns 19,539 shares of the company’s stock worth $1,006,000 after acquiring an additional 2,122 shares during the period. Finally, SG Americas Securities LLC raised its holdings in shares of Avnet by 27.6% during the third quarter. SG Americas Securities LLC now owns 20,524 shares of the company’s stock valued at $1,115,000 after purchasing an additional 4,443 shares during the last quarter. 95.78% of the stock is currently 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.