Longbow Research upgraded shares of Avnet (NYSE:AVT) from a neutral rating to a buy rating in a research note released on Friday, January 19th, Marketbeat Ratings reports.
A number of other analysts have also issued reports on AVT. ValuEngine upgraded Avnet from a hold rating to a buy rating in a report on Tuesday, September 26th. Stifel Nicolaus boosted their price target on Avnet from $40.00 to $42.00 and gave the company a hold rating in a report on Thursday, October 26th. TheStreet upgraded Avnet from a c rating to a b- rating in a report on Friday, November 10th. Zacks Investment Research upgraded Avnet from a hold rating to a buy rating and set a $45.00 target price for the company in a report on Tuesday, October 10th. Finally, Goldman Sachs Group upgraded Avnet from a sell rating to a neutral rating and set a $38.00 target price for the company in a report on Friday, January 5th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. Avnet currently has a consensus rating of Hold and an average target price of $40.13.
Shares of Avnet (AVT) traded up $1.10 during midday trading on Friday, hitting $41.90. The company had a trading volume of 824,126 shares, compared to its average volume of 1,190,000. 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 stock has a market capitalization of $5,070.00, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.02. Avnet has a 12-month low of $35.67 and a 12-month high of $47.08.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The firm had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.46 billion. Avnet had a return on equity of 7.87% and a net margin of 2.51%. Avnet’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.77 earnings per share. equities research analysts anticipate that Avnet will post 3.48 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Tuesday, March 13th will be issued a dividend of $0.19 per share. The ex-dividend date is Monday, March 12th. This represents a $0.76 dividend on an annualized basis and a yield of 1.81%. This is a positive change from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio is currently 32.43%.
Avnet announced that its board has authorized a share repurchase program on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, CEO Amelio J. William bought 3,000 shares of the stock in a transaction on Friday, December 8th. The stock was bought at an average price of $39.16 per share, for a total transaction of $117,480.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.65% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the company. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Avnet by 135.0% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,977 shares of the technology company’s stock worth $198,000 after purchasing an additional 2,859 shares in the last quarter. Tyers Asset Management LLC increased its position in shares of Avnet by 23.5% during the fourth quarter. Tyers Asset Management LLC now owns 8,832 shares of the technology company’s stock worth $350,000 after purchasing an additional 1,680 shares in the last quarter. TIAA CREF Investment Management LLC increased its position in shares of Avnet by 11.6% during the fourth quarter. TIAA CREF Investment Management LLC now owns 506,552 shares of the technology company’s stock worth $20,070,000 after purchasing an additional 52,483 shares in the last quarter. Paloma Partners Management Co increased its position in shares of Avnet by 146.8% during the fourth quarter. Paloma Partners Management Co now owns 31,255 shares of the technology company’s stock worth $1,238,000 after purchasing an additional 18,590 shares in the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Avnet by 4.4% during the fourth quarter. California State Teachers Retirement System now owns 244,679 shares of the technology company’s stock worth $9,694,000 after purchasing an additional 10,226 shares in the last quarter. 97.15% of the stock is currently owned by institutional investors and hedge funds.
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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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