Avnet Inc. (AVT) Downgraded by Stifel Nicolaus to Hold
Stifel Nicolaus lowered shares of Avnet Inc. (NYSE:AVT) from a buy rating to a hold rating in a report issued on Tuesday morning. Stifel Nicolaus currently has $44.00 price objective on the stock, down from their prior price objective of $47.00.
Several other equities research analysts have also issued reports on the stock. Brean Capital reaffirmed a hold rating on shares of Avnet in a research note on Thursday, August 11th. Citigroup Inc. boosted their target price on shares of Avnet from $31.00 to $37.00 and gave the stock a sell rating in a research report on Thursday, August 11th. Zacks Investment Research lowered shares of Avnet from a buy rating to a hold rating in a research report on Wednesday, July 13th. Longbow Research lowered shares of Avnet from a buy rating to a neutral rating in a research report on Monday, July 11th. Finally, SunTrust Banks Inc. reissued a buy rating on shares of Avnet in a research report on Saturday, June 25th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $43.14.
Avnet (NYSE:AVT) opened at 40.33 on Tuesday. Avnet has a 1-year low of $37.10 and a 1-year high of $46.95. The firm has a market capitalization of $5.14 billion, a P/E ratio of 10.61 and a beta of 1.16. The company has a 50-day moving average price of $41.05 and a 200-day moving average price of $41.58.
Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The business earned $6.20 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the firm posted $1.16 EPS. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. On average, equities research analysts predict that Avnet will post $4.26 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were paid a $0.17 dividend. The ex-dividend date was Friday, September 2nd. This represents a $0.68 dividend on an annualized basis and a yield of 1.69%. Avnet’s payout ratio is currently 17.85%.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Avnet by 5.7% in the second quarter. Vanguard Group Inc. now owns 11,108,072 shares of the company’s stock worth $449,988,000 after buying an additional 594,619 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Avnet by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,508,667 shares of the company’s stock worth $199,734,000 after buying an additional 235,891 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Avnet by 2.1% in the second quarter. BlackRock Fund Advisors now owns 4,475,376 shares of the company’s stock worth $181,297,000 after buying an additional 91,041 shares during the last quarter. Pzena Investment Management LLC boosted its stake in Avnet by 0.8% in the second quarter. Pzena Investment Management LLC now owns 4,335,912 shares of the company’s stock worth $175,648,000 after buying an additional 35,119 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Avnet by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,182,888 shares of the company’s stock worth $169,438,000 after buying an additional 286,334 shares during the last quarter. 94.67% of the stock is currently owned by institutional investors and hedge funds.
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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