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.
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.
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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