Cross Research upgraded shares of Avnet, Inc. (NYSE:AVT) from a sell rating to a hold rating in a report published on Friday.
AVT has been the subject of several other reports. Citigroup Inc. raised their target price on shares of Avnet from $31.00 to $34.00 and gave the stock a sell rating in a research report on Friday. Stifel Nicolaus raised their target price on shares of Avnet from $40.00 to $42.00 and gave the stock a hold rating in a research report on Thursday. Zacks Investment Research raised shares of Avnet from a hold rating to a buy rating and set a $45.00 target price for the company in a research report on Tuesday, October 10th. Bank of America Corporation cut shares of Avnet from a neutral rating to an underperform rating and dropped their target price for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Finally, ValuEngine raised shares of Avnet from a hold rating to a buy rating in a research report on Tuesday, September 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. The stock has an average rating of Hold and a consensus target price of $40.29.
Shares of Avnet (NYSE:AVT) traded down 3.95% during trading on Friday, hitting $40.07. 1,804,371 shares of the stock were exchanged. The firm has a market capitalization of $4.93 billion, a price-to-earnings ratio of 9.81 and a beta of 1.07. The stock’s 50 day moving average price is $39.72 and its 200 day moving average price is $38.93. Avnet has a 52 week low of $35.67 and a 52 week high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The company’s revenue was up 13.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.91 EPS. On average, equities analysts predict that Avnet will post $3.30 earnings per share for the current year.
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In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $452,286.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.65% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in the business. Pzena Investment Management LLC increased its stake in Avnet by 39.1% during the 2nd quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock valued at $294,844,000 after purchasing an additional 2,133,389 shares in the last quarter. Prudential PLC increased its stake in Avnet by 33.2% during the 2nd quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after purchasing an additional 1,134,700 shares in the last quarter. State Street Corp increased its stake in Avnet by 1.8% during the 1st quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock valued at $207,238,000 after purchasing an additional 79,662 shares in the last quarter. Longview Partners Guernsey LTD increased its stake in Avnet by 17.8% during the 2nd quarter. Longview Partners Guernsey LTD now owns 4,142,514 shares of the technology company’s stock valued at $161,061,000 after purchasing an additional 626,708 shares in the last quarter. Finally, FMR LLC increased its stake in Avnet by 102.0% during the 2nd quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after purchasing an additional 1,922,592 shares in the last quarter. Institutional investors and hedge funds own 97.05% of the company’s stock.
Avnet Company Profile
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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