Avnet (NASDAQ:AVT) PT Raised to $45.00

Avnet (NASDAQ:AVT) had its target price increased by Wells Fargo & Company from $40.00 to $45.00 in a research note published on Friday, Benzinga reports. The brokerage currently has an underweight rating on the stock.

A number of other research analysts have also issued reports on the stock. Stifel Nicolaus upped their target price on shares of Avnet from $50.00 to $55.00 and gave the company a hold rating in a report on Friday. Truist Financial upped their target price on shares of Avnet from $48.00 to $52.00 and gave the company a hold rating in a report on Friday. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $48.50.

Avnet Price Performance

NASDAQ AVT traded down $0.42 during trading hours on Friday, reaching $52.95. The company’s stock had a trading volume of 568,047 shares, compared to its average volume of 604,008. The stock has a market cap of $4.79 billion, a PE ratio of 8.57 and a beta of 1.16. Avnet has a fifty-two week low of $42.67 and a fifty-two week high of $55.46. The company’s 50-day moving average is $52.45 and its two-hundred day moving average is $49.91. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The firm’s revenue was down 15.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.06 EPS. Analysts forecast that Avnet will post 5.06 EPS for the current year.

Avnet Announces Dividend

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

Insider Transactions at Avnet

In related news, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the completion of the sale, the chief executive officer now owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Ken E. Arnold sold 8,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $54.34, for a total transaction of $434,720.00. Following the completion of the sale, the senior vice president now owns 40,239 shares of the company’s stock, valued at approximately $2,186,587.26. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $53.74, for a total transaction of $1,612,200.00. Following the sale, the chief executive officer now directly owns 139,709 shares of the company’s stock, valued at approximately $7,507,961.66. The disclosure for this sale can be found here. Insiders have sold a total of 47,000 shares of company stock worth $2,536,520 in the last three months. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Avnet

Several large investors have recently bought and sold shares of AVT. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Avnet in the fourth quarter valued at approximately $928,000. Allspring Global Investments Holdings LLC grew its position in shares of Avnet by 135.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 65,795 shares of the company’s stock worth $3,316,000 after buying an additional 37,815 shares in the last quarter. Crestwood Advisors Group LLC grew its position in shares of Avnet by 1.4% during the fourth quarter. Crestwood Advisors Group LLC now owns 19,971 shares of the company’s stock worth $1,007,000 after buying an additional 277 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in shares of Avnet during the fourth quarter worth approximately $1,280,000. Finally, Lecap Asset Management Ltd. acquired a new stake in shares of Avnet during the fourth quarter worth approximately $477,000. Institutional investors and hedge funds 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.