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

Avnet (NASDAQ:AVT - Get Free Report) was downgraded by Bank of America from a "neutral" rating to an "underperform" rating in a note issued to investors on Thursday, MarketBeat reports. They currently have a $48.00 price objective on the stock, down from their previous price objective of $58.00. Bank of America's price objective suggests a potential downside of 3.52% from the stock's previous close.

Separately, Truist Financial decreased their price target on shares of Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a report on Thursday.

Avnet Stock Down 3.7 %

NASDAQ AVT traded down $1.91 on Thursday, reaching $49.75. The company had a trading volume of 927,489 shares, compared to its average volume of 682,418. Avnet has a 1 year low of $43.62 and a 1 year high of $59.24. The firm has a market capitalization of $4.33 billion, a PE ratio of 14.09, a P/E/G ratio of 1.01 and a beta of 1.13. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The firm has a 50-day moving average of $53.35 and a 200-day moving average of $53.44.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share 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 7.49%. On average, equities research analysts anticipate that Avnet will post 3.82 EPS for the current fiscal year.

Hedge Funds Weigh In On Avnet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Greenhaven Associates Inc. boosted its holdings in Avnet by 1.0% during the fourth quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company's stock worth $207,336,000 after buying an additional 38,185 shares in the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Avnet by 11,848.6% during the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company's stock valued at $148,623,000 after purchasing an additional 2,816,889 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in shares of Avnet by 2.3% during the fourth quarter. Allianz Asset Management GmbH now owns 873,340 shares of the company's stock valued at $45,693,000 after purchasing an additional 19,331 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in Avnet by 204.6% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 690,270 shares of the company's stock worth $37,489,000 after acquiring an additional 463,660 shares in the last quarter. Finally, FMR LLC lifted its stake in Avnet by 24.7% in the 3rd quarter. FMR LLC now owns 576,794 shares of the company's stock worth $31,326,000 after acquiring an additional 114,217 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

About Avnet

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.