Avnet Inc. (AVT) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Avnet Inc. (NYSE:AVT) have been given an average recommendation of “Hold” by the twelve research firms that are presently covering the stock. Three research analysts have rated the stock with a sell recommendation, six have given a hold recommendation, two have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $43.00.
Several research analysts have recently weighed in on AVT shares. Citigroup Inc. upped their target price on shares of Avnet from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, August 11th. Brean Capital restated a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating and reduced their price objective for the company from $47.00 to $44.00 in a research note on Tuesday, September 20th. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Finally, set a $43.00 price objective on shares of Avnet and gave the company a “sell” rating in a research note on Tuesday, September 20th.
Several hedge funds have recently added to or reduced their stakes in the company. James Investment Research Inc. boosted its stake in Avnet by 6.2% in the second quarter. James Investment Research Inc. now owns 346,598 shares of the company’s stock worth $14,041,000 after buying an additional 20,168 shares during the period. Denali Advisors LLC boosted its stake in Avnet by 31.5% in the second quarter. Denali Advisors LLC now owns 379,900 shares of the company’s stock worth $15,390,000 after buying an additional 91,000 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in Avnet by 1.2% in the second quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 268,787 shares of the company’s stock worth $10,889,000 after buying an additional 3,195 shares during the period. River & Mercantile Asset Management LLP boosted its stake in Avnet by 3.0% in the second quarter. River & Mercantile Asset Management LLP now owns 28,120 shares of the company’s stock worth $1,139,000 after buying an additional 820 shares during the period. Finally, Breton Hill Capital Ltd. boosted its stake in Avnet by 0.7% in the second quarter. Breton Hill Capital Ltd. now owns 22,140 shares of the company’s stock worth $897,000 after buying an additional 161 shares during the period. 94.28% of the stock is currently owned by institutional investors and hedge funds.
Shares of Avnet (NYSE:AVT) traded down 0.09% during mid-day trading on Wednesday, hitting $46.05. 258,431 shares of the stock were exchanged. Avnet has a one year low of $37.10 and a one year high of $46.58. The company has a 50-day moving average of $43.05 and a 200 day moving average of $41.45. The stock has a market cap of $5.88 billion, a PE ratio of 13.64 and a beta of 1.19.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.01. The business earned $6.04 billion during the quarter, compared to the consensus estimate of $6.10 billion. Avnet had a net margin of 1.90% and a return on equity of 11.16%. The business’s quarterly revenue was down 13.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 earnings per share. On average, equities analysts predict that Avnet will post $3.21 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Tuesday, December 6th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.48%. Avnet’s payout ratio is currently 20.12%.
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Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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