Anixter International Inc. (AXE) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Anixter International Inc. (NYSE:AXE) from a sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “Anixter International Inc. is a leading global distributor of communication products used in building enterprise and service provider data, voice and video networks. In addition, Anixter is a leading distributor of specialty wire and cable products to original equipment manufacturers and to industrial companies for maintenance and repair operations. “
Several other brokerages also recently commented on AXE. Wolfe Research began coverage on shares of Anixter International in a research report on Tuesday, July 11th. They set an outperform rating and a $88.00 price objective for the company. BidaskClub downgraded shares of Anixter International from a hold rating to a sell rating in a research report on Monday, July 24th. Finally, Wells Fargo & Company reaffirmed a market perform rating and set a $82.00 price objective (down previously from $89.00) on shares of Anixter International in a research report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Anixter International currently has a consensus rating of Hold and an average price target of $86.00.
Shares of Anixter International (AXE) opened at 71.55 on Wednesday. Anixter International has a 52-week low of $58.55 and a 52-week high of $88.00. The stock has a market cap of $2.38 billion, a P/E ratio of 16.35 and a beta of 1.98. The firm has a 50-day moving average of $76.72 and a 200-day moving average of $78.69.
Anixter International (NYSE:AXE) last announced its quarterly earnings data on Tuesday, July 25th. The technology company reported $1.36 EPS for the quarter, hitting the consensus estimate of $1.36. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $2.01 billion. Anixter International had a net margin of 1.91% and a return on equity of 13.09%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.32 EPS. On average, equities analysts expect that Anixter International will post $5.35 EPS for the current fiscal year.
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In other news, Director Samuel Zell bought 526,277 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were bought at an average cost of $81.34 per share, for a total transaction of $42,807,371.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP William Standish sold 1,000 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $74.70, for a total value of $74,700.00. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 556,277 shares of company stock worth $42,812,881 and sold 3,000 shares worth $228,450. 14.70% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the company. Piedmont Investment Advisors LLC bought a new position in shares of Anixter International during the second quarter valued at $483,000. Cubist Systematic Strategies LLC boosted its position in shares of Anixter International by 145.0% in the second quarter. Cubist Systematic Strategies LLC now owns 11,803 shares of the technology company’s stock valued at $923,000 after buying an additional 6,985 shares during the period. State Street Corp boosted its position in shares of Anixter International by 2.8% in the second quarter. State Street Corp now owns 743,423 shares of the technology company’s stock valued at $58,132,000 after buying an additional 20,422 shares during the period. Shelton Capital Management bought a new position in shares of Anixter International during the second quarter valued at $221,000. Finally, Macquarie Group Ltd. boosted its position in shares of Anixter International by 11.8% in the second quarter. Macquarie Group Ltd. now owns 357,133 shares of the technology company’s stock valued at $27,928,000 after buying an additional 37,571 shares during the period. Institutional investors own 86.64% of the company’s stock.
About Anixter International
Anixter International Inc is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS).
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