Avnet, Inc. (NYSE:AVT) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, July 24th.
AVT has been the topic of a number of other reports. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the company from $44.00 to $40.00 in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. ValuEngine lowered shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $40.00 target price (down from $47.00) on shares of Avnet in a research note on Saturday, April 29th. Finally, Citigroup Inc. reaffirmed a “sell” rating and issued a $31.00 target price on shares of Avnet in a research note on Friday, April 28th. Six research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Avnet currently has a consensus rating of “Hold” and a consensus target price of $42.11.
Shares of Avnet (AVT) opened at 35.95 on Monday. Avnet has a 52 week low of $35.95 and a 52 week high of $51.50. The firm has a market cap of $4.47 billion, a price-to-earnings ratio of 8.80 and a beta of 1.04. The firm has a 50 day moving average of $38.53 and a 200 day moving average of $41.29.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. During the same period in the previous year, the business earned $0.86 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. Equities analysts predict that Avnet will post $3.24 earnings per share for the current fiscal year.
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In other news, Director James A. Lawrence bought 408,451 shares of the stock in a transaction on Friday, June 2nd. The stock was purchased at an average price of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the purchase, the director now owns 416,549 shares of the company’s stock, valued at $15,408,147.51. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the sale, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The disclosure for this sale can be found here. 1.47% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after buying an additional 11,895,142 shares during the period. Pzena Investment Management LLC boosted its position in Avnet by 39.1% in the second quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock valued at $294,844,000 after buying an additional 2,133,389 shares during the period. FMR LLC boosted its position in Avnet by 102.0% in the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after buying an additional 1,922,592 shares during the period. Wells Fargo & Company MN boosted its position in Avnet by 160.0% in the second quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock valued at $86,166,000 after buying an additional 1,363,770 shares during the period. Finally, Prudential PLC boosted its position in Avnet by 33.2% in the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after buying an additional 1,134,700 shares during the period. Institutional investors own 97.67% of the company’s stock.
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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