Avnet, Inc. (AVT) Rating Increased to B- at TheStreet

Avnet, Inc. (NYSE:AVT) was upgraded by equities researchers at TheStreet from a “c” rating to a “b-” rating in a research note issued on Friday.

Several other research firms have also recently commented on AVT. Bank of America Corporation cut Avnet from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. BidaskClub raised Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research raised 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. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, Stifel Nicolaus raised their target price on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Four 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 stock. Avnet presently has a consensus rating of “Hold” and an average price target of $40.29.

Shares of Avnet (NYSE:AVT) traded down $0.35 on Friday, hitting $39.21. The stock had a trading volume of 669,200 shares, compared to its average volume of 1,122,244. Avnet has a 52 week low of $35.67 and a 52 week high of $51.50. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $4,783.89, a P/E ratio of 12.17, a price-to-earnings-growth ratio of 1.29 and a beta of 1.08.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.05. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the company earned $0.91 earnings per share. The firm’s revenue was up 13.2% compared to the same quarter last year. research analysts predict that Avnet will post 3.36 EPS for the current fiscal year.

Avnet announced that its Board of Directors has approved a share buyback plan on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

ILLEGAL ACTIVITY WARNING: This article was first published by Stock Observer and is the sole property of of Stock Observer. If you are viewing this article on another site, it was illegally copied and reposted in violation of U.S. & international copyright & trademark laws. The original version of this article can be viewed at https://www.thestockobserver.com/2017/11/14/avnet-inc-avt-rating-increased-to-b-at-thestreet.html.

In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the sale, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.65% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Xact Kapitalforvaltning AB boosted its position in shares of Avnet by 2.7% during the second quarter. Xact Kapitalforvaltning AB now owns 17,083 shares of the technology company’s stock valued at $664,000 after buying an additional 446 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Avnet by 5.0% during the second quarter. Capstone Asset Management Co. now owns 18,216 shares of the technology company’s stock valued at $708,000 after buying an additional 866 shares during the last quarter. Mn Services Vermogensbeheer B.V. boosted its position in shares of Avnet by 524.8% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 20,820 shares of the technology company’s stock valued at $809,000 after buying an additional 17,488 shares during the last quarter. LS Investment Advisors LLC boosted its position in shares of Avnet by 10.0% during the second quarter. LS Investment Advisors LLC now owns 14,144 shares of the technology company’s stock valued at $550,000 after buying an additional 1,290 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in shares of Avnet by 0.3% during the second quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the technology company’s stock valued at $1,267,000 after buying an additional 100 shares during the last quarter. 91.91% of the stock is owned by hedge funds and other institutional investors.

About Avnet

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)

Receive News & Ratings for Avnet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply