Truist Financial Has Lowered Expectations for Avnet (NASDAQ:AVT) Stock Price

Avnet (NASDAQ:AVT) had its price target cut by Truist Financial from $54.00 to $52.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential upside of 0.66% from the stock’s previous close.

Avnet Stock Performance

NASDAQ AVT opened at $51.66 on Thursday. The firm’s fifty day moving average price is $53.35 and its two-hundred day moving average price is $53.45. The stock has a market cap of $4.49 billion, a PE ratio of 14.63, a PEG ratio of 0.99 and a beta of 1.14. 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 fifty-two week low of $43.62 and a fifty-two week high of $59.24.

Avnet (NASDAQ:AVT) last issued 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 return on equity of 7.44% and a net margin of 1.41%. On average, equities analysts expect that Avnet will post 4.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Avnet

Several large investors have recently modified their holdings of the business. Greenhaven Associates Inc. lifted its stake in shares of Avnet by 1.0% in the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock worth $207,336,000 after acquiring an additional 38,185 shares during the period. Pacer Advisors Inc. raised its holdings in Avnet by 11,848.6% during the 4th quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock worth $148,623,000 after purchasing an additional 2,816,889 shares during the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of Avnet by 204.6% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company’s stock valued at $37,489,000 after acquiring an additional 463,660 shares in the last quarter. FMR LLC increased its position in shares of Avnet by 24.7% during the third quarter. FMR LLC now owns 576,794 shares of the company’s stock valued at $31,326,000 after acquiring an additional 114,217 shares during the last quarter. Finally, Weiss Asset Management LP lifted its holdings in Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock worth $13,829,000 after acquiring an additional 66,973 shares during the period. 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.