Avnet (AVT) Upgraded at Goldman Sachs Group
Goldman Sachs Group upgraded shares of Avnet (NYSE:AVT) from a sell rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat.com reports. The firm currently has $38.00 target price on the technology company’s stock.
Other analysts have also issued research reports about the stock. TheStreet upgraded shares of Avnet from a c rating to a b- rating in a research note on Friday, November 10th. ValuEngine upgraded shares of Avnet from a hold rating to a buy rating in a research note on Friday, December 1st. Zacks Investment Research upgraded shares of Avnet from a hold rating to a buy rating and set a $45.00 target price for the company in a research note on Tuesday, October 10th. Stifel Nicolaus upped their target price on shares of Avnet from $40.00 to $42.00 and gave the stock a hold rating in a research note on Thursday, October 26th. Finally, Cross Research upgraded shares of Avnet from a sell rating to a hold rating in a research note on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company. Avnet has an average rating of Hold and a consensus price target of $39.57.
Avnet (NYSE:AVT) traded up $0.77 during midday trading on Friday, hitting $41.80. 1,036,200 shares of the stock traded hands, compared to its average volume of 1,025,150. Avnet has a 12-month low of $35.67 and a 12-month high of $48.20. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78. The company has a market cap of $5,054.77, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The firm had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business posted $0.91 EPS. The business’s revenue was up 13.2% compared to the same quarter last year. equities analysts forecast that Avnet will post 3.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th were given a dividend of $0.18 per share. The ex-dividend date was Tuesday, December 5th. This represents a $0.72 annualized dividend and a yield of 1.72%. Avnet’s payout ratio is currently 17.96%.
Avnet declared that its board has authorized a stock buyback plan on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, CEO Amelio J. William purchased 3,000 shares of Avnet 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.65% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Pacad Investment Ltd. bought a new position in Avnet during the second quarter valued at about $113,000. Riverhead Capital Management LLC grew its position in Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the period. Toronto Dominion Bank grew its position in Avnet by 233.3% during the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after buying an additional 3,695 shares during the period. M&T Bank Corp purchased a new stake in Avnet during the second quarter valued at about $208,000. Finally, Magnetar Financial LLC purchased a new stake in Avnet during the third quarter valued at about $218,000. Institutional investors own 95.95% 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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