Avnet, Inc. (AVT) Upgraded at BidaskClub
BidaskClub upgraded shares of Avnet, Inc. (NYSE:AVT) from a strong sell rating to a sell rating in a research report sent to investors on Saturday.
Several other research analysts also recently weighed in on AVT. SunTrust Banks, Inc. downgraded Avnet from a buy rating to a hold rating and dropped their price target for the stock from $53.00 to $39.00 in a research note on Friday, April 28th. Longbow Research downgraded Avnet from a buy rating to a neutral rating in a research report on Friday, April 28th. Citigroup Inc. reiterated a sell rating and set a $31.00 target price on shares of Avnet in a research report on Friday, April 28th. Deutsche Bank AG reiterated a hold rating and set a $40.00 target price (down from $47.00) on shares of Avnet in a research report on Saturday, April 29th. Finally, Zacks Investment Research downgraded Avnet from a hold rating to a strong sell rating in a research report on Tuesday, May 2nd. Six investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the company. Avnet presently has a consensus rating of Hold and an average target price of $42.11.
Shares of Avnet (NYSE:AVT) opened at 37.55 on Friday. Avnet has a one year low of $35.67 and a one year high of $51.50. The company’s 50 day moving average is $38.23 and its 200 day moving average is $40.93. The company has a market cap of $4.62 billion, a P/E ratio of 9.19 and a beta of 1.04.
Avnet (NYSE:AVT) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same period in the prior year, the company posted $0.86 EPS. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Avnet will post $3.24 earnings per share for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, September 6th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.92%. Avnet’s dividend payout ratio is currently 17.69%.
In related news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now owns 12,191 shares in the company, valued at approximately $452,286.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James A. Lawrence purchased 408,451 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the acquisition, the director now directly owns 416,549 shares in the company, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Weaver C. Barksdale & Associates Inc. raised its stake in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after buying an additional 262 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Avnet during the second quarter valued at $113,000. Daiwa Securities Group Inc. raised its stake in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the last quarter. Riverhead Capital Management LLC raised its stake in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet during the second quarter valued at $208,000. Institutional investors own 97.14% of the company’s stock.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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