Avnet (NASDAQ:AVT) Downgraded by Zacks Research to “Hold”

Zacks Research downgraded shares of Avnet (NASDAQ:AVT) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on AVT. Raymond James Financial restated a “strong-buy” rating and set a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on Avnet from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a report on Tuesday, June 16th. Truist Financial lifted their price objective on Avnet to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Wall Street Zen cut Avnet from a “strong-buy” rating to a “buy” rating in a report on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $89.00.

Avnet Price Performance

Shares of NASDAQ:AVT opened at $87.28 on Tuesday. The firm’s 50 day moving average price is $85.76 and its 200-day moving average price is $68.42. Avnet has a twelve month low of $44.25 and a twelve month high of $95.26. The company has a quick ratio of 1.05, a current ratio of 2.01 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $7.16 billion, a PE ratio of 33.96, a price-to-earnings-growth ratio of 0.40 and a beta of 1.09.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The company had revenue of $7.12 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same period in the prior year, the firm posted $0.84 EPS. The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Equities research analysts expect that Avnet will post 5.12 EPS for the current year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.6%. Avnet’s dividend payout ratio (DPR) is presently 54.47%.

Insider Transactions at Avnet

In other news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the transaction, the chief executive officer directly owned 145,003 shares in the company, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.90% of the stock is currently owned by insiders.

Institutional Trading of Avnet

Hedge funds have recently added to or reduced their stakes in the business. Summit Securities Group LLC bought a new position in shares of Avnet during the fourth quarter valued at approximately $28,000. BOKF NA raised its stake in Avnet by 1,116.7% in the third quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after buying an additional 536 shares in the last quarter. MAI Capital Management raised its stake in Avnet by 53.7% in the third quarter. MAI Capital Management now owns 673 shares of the company’s stock worth $35,000 after buying an additional 235 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Avnet by 53.9% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 737 shares of the company’s stock worth $35,000 after buying an additional 258 shares during the period. Finally, Allworth Financial LP lifted its holdings in Avnet by 199.1% during the third quarter. Allworth Financial LP now owns 700 shares of the company’s stock worth $37,000 after buying an additional 466 shares during the period. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Company Profile

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.