Avnet Inc. (AVT) Rating Lowered to Sell at Cross Research
Avnet Inc. (NYSE:AVT) was downgraded by investment analysts at Cross Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
Other research analysts have also recently issued reports about the stock. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Monday, July 11th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Brean Capital restated a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Citigroup Inc. upped their price objective 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. Finally, Goldman Sachs Group Inc. raised Avnet from a “sell” rating to a “neutral” rating and upped their target price for the stock from $39.00 to $41.00 in a research note on Tuesday, June 7th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $43.13.
Avnet (NYSE:AVT) opened at 40.89 on Tuesday. Avnet has a 12-month low of $37.10 and a 12-month high of $46.95. The company has a market cap of $5.21 billion, a price-to-earnings ratio of 10.76 and a beta of 1.16. The firm’s 50-day moving average is $41.08 and its 200 day moving average is $41.57.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by $0.02. The company earned $6.20 billion during the quarter, compared to the consensus estimate of $6.21 billion. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The firm’s revenue for the quarter was down 8.4% on a year-over-year basis. During the same quarter last year, the company posted $1.16 earnings per share. On average, equities analysts expect that Avnet will post $4.25 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio (DPR) is presently 17.85%.
Hedge funds have recently added to or reduced their stakes in the stock. Weaver C. Barksdale & Associates Inc. raised its stake in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock worth $118,000 after buying an additional 388 shares during the period. Invictus RG acquired a new stake in shares of Avnet during the second quarter worth approximately $132,000. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Avnet by 1.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,864 shares of the company’s stock worth $216,000 after buying an additional 88 shares during the last quarter. Boston Private Wealth LLC raised its stake in shares of Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock worth $222,000 after buying an additional 533 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares during the last quarter. 94.67% of the stock is owned by hedge funds and other institutional investors.
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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