Avnet Inc. (NYSE:AVT) Receives Consensus Rating of “Hold” from Analysts
Avnet Inc. (NYSE:AVT) has been given a consensus rating of “Hold” by the eleven research firms that are currently covering the firm. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $40.67.
AVT has been the topic of a number of research reports. Citigroup Inc. upped their target price on Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, August 11th. 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 report on Tuesday, June 7th. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Brean Capital reaffirmed a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Finally, Stifel Nicolaus lowered Avnet from a “buy” rating to a “hold” rating and lowered their target price for the stock from $47.00 to $44.00 in a research report on Tuesday.
Shares of Avnet (NYSE:AVT) traded up 0.69% during midday trading on Wednesday, reaching $40.61. The company’s stock had a trading volume of 479,694 shares. The firm has a 50-day moving average of $41.05 and a 200-day moving average of $41.58. Avnet has a one year low of $37.10 and a one year high of $46.95. The stock has a market cap of $5.17 billion, a PE ratio of 10.69 and a beta of 1.16.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The firm had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company earned $1.16 earnings per share. Avnet’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, analysts forecast that Avnet will post $4.26 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.69%. Avnet’s dividend payout ratio (DPR) is currently 17.85%.
A number of large investors have recently made changes to their positions in AVT. Vanguard Group Inc. increased its position in shares of 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 period. BlackRock Institutional Trust Company N.A. increased its position in shares of 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 period. BlackRock Fund Advisors increased its position in shares of 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 period. Pzena Investment Management LLC increased its position in shares of 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 period. Finally, Dimensional Fund Advisors LP increased its position in shares of 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 period. Institutional investors and hedge funds own 94.67% of the company’s stock.
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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