Avnet, Inc. (NYSE:AVT) was downgraded by analysts at Bank of America Corporation from a “neutral” rating to an “underperform” rating in a research note issued to investors on Friday, Marketbeat.com reports. They currently have a $40.00 price target on the technology company’s stock, down from their prior price target of $44.00. Bank of America Corporation’s price target indicates a potential upside of 0.18% from the stock’s previous close.

Several other research analysts have also commented on AVT. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, July 4th. BidaskClub raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Monday, July 3rd. ValuEngine lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a report on Friday, April 28th. Finally, SunTrust Banks, Inc. lowered shares of Avnet from a “buy” rating to a “hold” rating and decreased their price target for the company from $53.00 to $39.00 in a report on Friday, April 28th. Five analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Avnet currently has an average rating of “Hold” and a consensus price target of $42.22.

Shares of Avnet (NYSE AVT) opened at 39.93 on Friday. The stock has a 50 day moving average of $37.78 and a 200-day moving average of $43.47. The stock has a market capitalization of $4.99 billion, a PE ratio of 9.60 and a beta of 1.04. Avnet has a one year low of $35.96 and a one year high of $51.50.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, April 27th. The technology company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. Avnet had a net margin of 2.83% and a return on equity of 9.24%. The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.46 billion. During the same period in the previous year, the business posted $1.01 EPS. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Equities analysts predict that Avnet will post $3.17 earnings per share for the current fiscal year.

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In other news, Director James A. Lawrence acquired 408,451 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, for a total transaction of $15,108,602.49. Following the transaction, the director now directly owns 416,549 shares in the company, valued at approximately $15,408,147.51. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin M. Moriarty acquired 6,933 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average price of $36.08 per share, for a total transaction of $250,142.64. The disclosure for this purchase can be found here. Company insiders own 1.47% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Alpha Windward LLC increased its stake in shares of Avnet by 0.5% in the first quarter. Alpha Windward LLC now owns 11,189 shares of the technology company’s stock valued at $512,000 after buying an additional 60 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Avnet by 0.5% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 18,940 shares of the technology company’s stock valued at $867,000 after buying an additional 100 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of Avnet by 1.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,457 shares of the technology company’s stock valued at $432,000 after buying an additional 164 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Avnet by 1.0% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 22,213 shares of the technology company’s stock valued at $1,016,000 after buying an additional 217 shares in the last quarter. Finally, World Asset Management Inc increased its stake in shares of Avnet by 2.2% in the first quarter. World Asset Management Inc now owns 10,593 shares of the technology company’s stock valued at $485,000 after buying an additional 228 shares in the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Avnet Company Profile

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.

Analyst Recommendations for Avnet (NYSE:AVT)

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