TheStreet cut shares of Avnet (NYSE:AVT) from a b rating to a c rating in a research note issued to investors on Wednesday morning.

Several other brokerages have also commented on AVT. Zacks Investment Research raised Avnet from a hold rating to a buy rating and set a $49.00 price target for the company in a research note on Wednesday, June 27th. Citigroup lifted their price target on Avnet from $37.00 to $39.00 and gave the stock a sell rating in a research note on Thursday, August 9th. Wells Fargo & Co initiated coverage on Avnet in a research note on Tuesday, July 17th. They set a market perform rating and a $47.00 price target for the company. Bank of America raised Avnet from a neutral rating to a buy rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Finally, Pivotal Research raised Avnet from a hold rating to a buy rating and lifted their price target for the stock from $42.00 to $50.00 in a research note on Friday, June 15th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. Avnet presently has an average rating of Hold and an average target price of $45.14.

NYSE:AVT opened at $40.47 on Wednesday. Avnet has a 1-year low of $38.12 and a 1-year high of $49.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 2.75. The firm has a market capitalization of $4.63 billion, a P/E ratio of 12.49, a PEG ratio of 1.08 and a beta of 0.99.

Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.01. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same period last year, the firm posted $0.84 EPS. Avnet’s quarterly revenue was up 9.8% on a year-over-year basis. Analysts forecast that Avnet will post 3.52 earnings per share for the current fiscal year.

Avnet declared that its board has approved a share buyback plan on Wednesday, August 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were paid a $0.20 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, September 7th. This represents a $0.80 annualized dividend and a yield of 1.98%. Avnet’s payout ratio is presently 24.69%.

In other news, insider Maryann G. Miller sold 15,024 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $47.99, for a total transaction of $721,001.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.65% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of AVT. CHICAGO TRUST Co NA purchased a new stake in shares of Avnet during the 3rd quarter worth about $207,000. CIBC World Markets Inc. purchased a new stake in shares of Avnet during the 2nd quarter worth about $201,000. Jane Street Group LLC purchased a new stake in shares of Avnet during the 2nd quarter worth about $210,000. Foster & Motley Inc. purchased a new stake in shares of Avnet during the 2nd quarter worth about $226,000. Finally, IFM Investors Pty Ltd purchased a new stake in shares of Avnet during the 2nd quarter worth about $266,000. 96.44% of the stock is owned by institutional investors.

About Avnet

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

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Analyst Recommendations for Avnet (NYSE:AVT)

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