Avnet (NYSE:AVT) Given Average Recommendation of “Hold” by Brokerages
Shares of Avnet (NYSE:AVT) have been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $48.25.
Several equities analysts have recently commented on the stock. TheStreet upgraded shares of Medpace from a “c” rating to a “b-” rating in a research report on Wednesday, April 10th. Citigroup set a $221.00 price target on shares of 3M and gave the stock a “buy” rating in a research report on Friday, April 26th. Deutsche Bank set a $60.00 price target on shares of Taubman Centers and gave the stock a “hold” rating in a research report on Tuesday, June 11th. Finally, Zacks Investment Research lowered shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th.
Shares of NYSE AVT traded up $0.15 during trading on Friday, reaching $43.44. 226,235 shares of the stock were exchanged, compared to its average volume of 697,721. The business’s 50-day moving average price is $43.52. Avnet has a twelve month low of $33.55 and a twelve month high of $49.40.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th were given a $0.20 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.84%.
In other Avnet news, Director James A. Lawrence sold 20,620 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $45.20, for a total value of $932,024.00. Following the completion of the sale, the director now directly owns 500,000 shares of the company’s stock, valued at approximately $22,600,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kenneth A. Jacobson sold 7,796 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $47.92, for a total transaction of $373,584.32. The disclosure for this sale can be found here. Insiders sold a total of 215,911 shares of company stock valued at $10,207,871 in the last quarter. 1.65% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of AVT. Norges Bank acquired a new stake in Avnet in the 4th quarter valued at about $46,361,000. FMR LLC lifted its position in shares of Avnet by 38.0% in the first quarter. FMR LLC now owns 3,261,312 shares of the technology company’s stock worth $141,443,000 after purchasing an additional 897,230 shares in the last quarter. Westfield Capital Management Co. LP purchased a new stake in shares of Avnet in the first quarter worth approximately $26,084,000. Millennium Management LLC lifted its position in shares of Avnet by 35.6% in the fourth quarter. Millennium Management LLC now owns 1,170,456 shares of the technology company’s stock worth $42,253,000 after purchasing an additional 307,223 shares in the last quarter. Finally, HRT Financial LLC purchased a new stake in shares of Avnet in the fourth quarter worth approximately $8,173,000. 96.44% of the stock is owned by institutional investors.
Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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