Avnet, Inc. (NYSE:AVT) Receives Average Recommendation of “Hold” from Analysts
Shares of Avnet, Inc. (NYSE:AVT) have earned an average rating of “Hold” from the fourteen ratings firms that are currently covering the firm, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $41.50.
A number of analysts have issued reports on AVT shares. SunTrust Banks, Inc. downgraded shares of Avnet from a “buy” rating to a “hold” rating and reduced their price target for the company from $53.00 to $39.00 in a report on Friday, April 28th. Longbow Research downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a report on Friday, April 28th. Citigroup Inc. reiterated a “sell” rating and issued a $31.00 price target on shares of Avnet in a report on Friday, April 28th. Deutsche Bank AG reiterated a “hold” rating and issued a $40.00 price target (down from $47.00) on shares of Avnet in a report on Saturday, April 29th. Finally, Zacks Investment Research downgraded shares of Avnet from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 2nd.
In related news, CFO Kevin M. Moriarty acquired 6,933 shares of the stock in a transaction on Thursday, May 18th. The stock was bought at an average cost of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James A. Lawrence acquired 408,451 shares of the stock in a transaction on Friday, June 2nd. The stock was bought at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the transaction, the director now owns 416,549 shares in the company, valued at $15,408,147.51. The disclosure for this purchase can be found here. 1.47% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Alpha Windward LLC boosted its stake in 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 during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in 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 during the period. Sumitomo Mitsui Asset Management Company LTD boosted its stake in 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 during the period. Northwestern Mutual Investment Management Company LLC boosted its stake in 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 during the period. Finally, World Asset Management Inc boosted its stake in 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 during the period. 98.50% of the stock is owned by institutional investors.
Shares of Avnet (AVT) traded up 0.91% on Monday, reaching $39.99. 314,739 shares of the company traded hands. The stock has a 50-day moving average price of $37.78 and a 200 day moving average price of $43.47. Avnet has a 1-year low of $35.96 and a 1-year high of $51.50. The firm has a market capitalization of $5.00 billion, a P/E ratio of 9.61 and a beta of 1.04.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, April 27th. The technology company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.46 billion. Avnet had a net margin of 2.83% and a return on equity of 9.24%. Avnet’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.01 EPS. Analysts anticipate that Avnet will post $3.17 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, June 19th. Investors of record on Tuesday, June 6th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, June 2nd. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%. Avnet’s dividend payout ratio is presently 17.27%.
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.
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