Avnet Inc. (AVT) Shares Up 7.7%
Avnet Inc. (NYSE:AVT) shares shot up 7.7% during trading on Monday . The stock traded as high as $42.87 and last traded at $42.22, with a volume of 1,966,486 shares trading hands. The stock had previously closed at $39.21.
A number of brokerages recently issued reports on AVT. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday. Longbow Research downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Friday, July 8th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Finally, Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating and decreased their price target for the stock from $47.00 to $44.00 in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $43.14.
The company’s 50-day moving average price is $41.05 and its 200 day moving average price is $41.58. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 10.61 and a beta of 1.16.
Avnet (NYSE:AVT) last posted its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. The business had revenue of $6.20 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company posted $1.16 EPS. Equities analysts predict that Avnet Inc. 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 given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.69%. 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 bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. increased 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 Avnet during the second quarter worth about $132,000. Ladenburg Thalmann Financial Services Inc. increased its stake in 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 period. Boston Private Wealth LLC increased its stake in 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 period. Finally, CIBC Asset Management Inc increased its stake in 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 period. 94.67% of the stock is owned by hedge funds and other institutional investors.
Avnet Company Profile
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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