Avnet Inc. (AVT) Upgraded at Raymond James Financial Inc.
Avnet Inc. (NYSE:AVT) was upgraded by analysts at Raymond James Financial Inc. from an “outperform” rating to a “strong-buy” rating in a research report issued on Tuesday.
AVT has been the topic of a number of other reports. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. Longbow Research downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a report on Monday, July 11th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Friday, July 8th. SunTrust Banks Inc. reissued a “buy” rating on shares of Avnet in a report on Saturday, June 25th. Finally, Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating and lowered their price target for the stock from $47.00 to $44.00 in a report on Tuesday, September 20th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $42.88.
Avnet (NYSE:AVT) opened at 40.50 on Tuesday. Avnet has a 52-week low of $37.10 and a 52-week high of $46.95. The company has a market capitalization of $5.16 billion, a P/E ratio of 10.66 and a beta of 1.27. The firm has a 50-day moving average of $41.00 and a 200 day moving average of $41.43.
Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by $0.02. The business earned $6.20 billion during the quarter, compared to analysts’ expectations of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The firm’s revenue was down 8.4% on a year-over-year basis. During the same period last year, the company earned $1.16 earnings per share. Equities analysts predict that Avnet will post $4.25 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio (DPR) is 17.85%.
Large investors have recently modified their holdings of the stock. Macquarie Group Ltd. boosted its stake in shares of Avnet by 0.7% in the second quarter. Macquarie Group Ltd. now owns 306,406 shares of the company’s stock worth $12,412,000 after buying an additional 2,150 shares during the period. Nomura Holdings Inc. boosted its stake in shares of Avnet by 63.7% in the second quarter. Nomura Holdings Inc. now owns 9,500 shares of the company’s stock worth $386,000 after buying an additional 3,698 shares during the period. Mason Street Advisors LLC acquired a new stake in shares of Avnet during the second quarter worth approximately $2,374,000. Royal Bank of Canada boosted its stake in shares of Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock worth $7,905,000 after buying an additional 78,873 shares during the period. Finally, Calvert Investment Management Inc. boosted its stake in shares of Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. Institutional investors and hedge funds own 94.67% of the company’s stock.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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