Avnet (AVT) Rating Increased to Buy at Longbow Research
Longbow Research upgraded shares of Avnet (NYSE:AVT) from a neutral rating to a buy rating in a research note published on Friday morning, Marketbeat.com reports.
Several other equities analysts also recently weighed in on the company. Goldman Sachs Group raised Avnet from a sell rating to a neutral rating and set a $38.00 target price on the stock in a research report on Friday, January 5th. Zacks Investment Research downgraded Avnet from a buy rating to a hold rating in a research report on Wednesday, December 27th. ValuEngine raised Avnet from a hold rating to a buy rating in a research report on Friday, December 1st. TheStreet raised Avnet from a c rating to a b- rating in a research report on Friday, November 10th. Finally, Cross Research raised Avnet from a sell rating to a hold rating in a research report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $39.57.
Shares of Avnet (NYSE AVT) opened at $43.28 on Friday. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29. Avnet has a 12 month low of $35.67 and a 12 month high of $48.20. The stock has a market capitalization of $5,233.74, a P/E ratio of 10.79, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09.
Avnet declared that its board has initiated a share buyback plan on Friday, November 10th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In other Avnet news, CEO Amelio J. William acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The stock was bought at an average price of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.65% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC boosted its holdings in Avnet by 50.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after acquiring an additional 1,559 shares during the period. Oakbrook Investments LLC purchased a new stake in shares of Avnet in the 4th quarter worth $202,000. Toronto Dominion Bank lifted its holdings in shares of Avnet by 233.3% in the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after buying an additional 3,695 shares during the period. M&T Bank Corp purchased a new stake in shares of Avnet in the 2nd quarter worth $208,000. Finally, Magnetar Financial LLC purchased a new stake in shares of Avnet in the 3rd quarter worth $218,000. Institutional investors own 95.74% of the company’s stock.
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Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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