Avnet, Inc. (NYSE:AVT) has received an average recommendation of “Hold” from the twelve ratings firms that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $38.67.
Several equities analysts have recently issued reports on AVT shares. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus upped their price target on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Citigroup upped their price target on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, TheStreet lowered Avnet from a “b” rating to a “c” rating in a research note on Thursday, October 26th.
In related news, CEO Amelio J. William bought 3,000 shares of the business’s stock in a transaction on Friday, December 8th. The shares were purchased at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.65% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Advisor Group Inc. lifted its stake in Avnet by 7.1% in the second quarter. Advisor Group Inc. now owns 8,208 shares of the technology company’s stock valued at $318,000 after buying an additional 544 shares during the period. Brookstone Capital Management lifted its stake in Avnet by 17.0% in the third quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock valued at $344,000 after buying an additional 1,275 shares during the period. Asset Management One Co. Ltd. lifted its stake in Avnet by 1.0% in the third quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock valued at $8,020,000 after buying an additional 2,000 shares during the period. Pacer Advisors Inc. lifted its stake in Avnet by 11.3% in the third quarter. Pacer Advisors Inc. now owns 22,045 shares of the technology company’s stock valued at $866,000 after buying an additional 2,245 shares during the period. Finally, Commonwealth Bank of Australia lifted its stake in Avnet by 4.8% in the third quarter. Commonwealth Bank of Australia now owns 54,686 shares of the technology company’s stock valued at $2,145,000 after buying an additional 2,500 shares during the period. 97.08% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Avnet (NYSE:AVT) traded down $0.21 during mid-day trading on Friday, hitting $41.27. The stock had a trading volume of 133,245 shares, compared to its average volume of 1,068,581. The company has a quick ratio of 1.56, a current ratio of 2.75 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $4,975.33, a PE ratio of 11.49, a PEG ratio of 1.32 and a beta of 1.01. Avnet has a 12 month low of $35.67 and a 12 month high of $47.19.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The business had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. equities research analysts forecast that Avnet will post 3.48 earnings per share for the current year.
Avnet declared that its board has authorized a stock repurchase plan on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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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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