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

Avnet (NASDAQ:AVT - Get Free Report) had its price objective dropped by research analysts at Truist Financial from $54.00 to $52.00 in a report released on Thursday,Benzinga reports. The firm presently has a "hold" rating on the stock. Truist Financial's target price would indicate a potential upside of 4.31% from the stock's current price.

Avnet Price Performance

Shares of Avnet stock traded down $1.81 during trading on Thursday, reaching $49.85. The company's stock had a trading volume of 603,777 shares, compared to its average volume of 660,125. The business has a 50 day moving average price of $53.35 and a 200-day moving average price of $53.44. The company has a market capitalization of $4.33 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53. Avnet has a 12-month low of $43.62 and a 12-month high of $59.24.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, sell-side analysts anticipate that Avnet will post 3.82 EPS for the current year.

Institutional Investors Weigh In On Avnet

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

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.