Avnet (NASDAQ:AVT) Stock Price Target Lowered at Bank of America

Avnet (NASDAQ:AVT) had its price objective cut by Bank of America from $115.00 to $110.00 in a research report report published on Friday, Marketbeat.com reports. They currently have a neutral rating on the stock.

AVT has been the subject of several other research reports. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Weiss Ratings raised shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Zacks Research cut shares of Avnet from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Wells Fargo & Company raised their price objective on shares of Avnet from $80.00 to $85.00 and gave the stock an “underweight” rating in a research report on Thursday, November 5th. Finally, Truist Financial boosted their price objective on Avnet from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Avnet currently has an average rating of “Moderate Buy” and a consensus target price of $103.75.

Avnet Stock Down 2.0%

AVT opened at $83.97 on Friday. The stock’s fifty day simple moving average is $93.80 and its 200 day simple moving average is $82.42. Avnet has a 1-year low of $44.25 and a 1-year high of $108.63. The stock has a market cap of $6.91 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 0.22 and a beta of 1.11. The company has a current ratio of 1.73, a quick ratio of 0.87 and a debt-to-equity ratio of 0.63.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, November 4th. The company reported $3.63 EPS for the quarter, topping analysts’ consensus estimates of $2.86 by $0.77. The firm had revenue of $10.72 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Avnet had a net margin of 1.74% and a return on equity of 14.15%. The company’s revenue for the quarter was up 81.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.84 earnings per share. As a group, research analysts expect that Avnet will post 12.61 earnings per share for the current year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 9th were given a dividend of $0.37 per share. This is an increase from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, September 9th. Avnet’s dividend payout ratio (DPR) is currently 22.22%.

Insider Buying and Selling

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total transaction of $2,919,937.20. Following the transaction, the senior vice president owned 76,674 shares in the company, valued at $6,985,001.40. This trade represents a 29.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Avnet

Several large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Avnet in the second quarter valued at about $916,146,000. Dimensional Fund Advisors LP grew its stake in Avnet by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 5,885,636 shares of the company’s stock worth $362,655,000 after buying an additional 22,137 shares in the last quarter. Pzena Investment Management LLC acquired a new stake in Avnet during the second quarter worth about $277,153,000. Bank of America Corp DE grew its stake in Avnet by 6.4% during the first quarter. Bank of America Corp DE now owns 1,166,847 shares of the company’s stock worth $71,901,000 after buying an additional 70,345 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Avnet during the second quarter worth about $74,897,000. 95.78% of the stock is owned by institutional investors and hedge funds.

About Avnet

Avnet, Inc. is a global distributor of electronic components and technology products. Its offerings include semiconductors, interconnect and electromechanical components, and embedded systems used in products across industries such as communications, industrial, automotive, and healthcare. In addition to distributing components, Avnet provides services that support customers throughout product development and manufacturing. These include engineering and design assistance, supply-chain management, procurement, inventory planning, and logistics.