Zacks Investment Research Lowers Anixter (AXE) to Hold

Zacks Investment Research downgraded shares of Anixter (NYSE:AXE) from a buy rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “Anixter is a leading global distributor of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions. They help build, connect, protect and power valuable assets and critical infrastructures. From enterprise networks to industrial MRO supply to video surveillance applications to electric power distribution, they offer full-line solutions, and intelligence, that create reliable, resilient systems that sustain businesses and communities. Through their unmatched global distribution network along with their supply chain and technical expertise, they help lower the cost, risk and complexity of their customers’ supply chains. “

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AXE has been the topic of a number of other research reports. TheStreet lowered Anixter from a b- rating to a c+ rating in a report on Wednesday, February 28th. ValuEngine raised Anixter from a hold rating to a buy rating in a report on Wednesday, March 7th. Finally, Wells Fargo reaffirmed a market perform rating and issued a $90.00 price objective (up previously from $78.00) on shares of Anixter in a report on Wednesday, January 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $90.00.

NYSE AXE opened at $74.70 on Tuesday. Anixter has a 52-week low of $62.40 and a 52-week high of $88.85. The stock has a market cap of $2,546.92, a P/E ratio of 14.83, a P/E/G ratio of 1.21 and a beta of 2.04. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 2.10.

Anixter (NYSE:AXE) last announced its quarterly earnings data on Tuesday, January 30th. The technology company reported $1.41 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.10. Anixter had a return on equity of 12.39% and a net margin of 1.38%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same quarter in the previous year, the company earned $1.31 EPS. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. analysts predict that Anixter will post 6.35 earnings per share for the current fiscal year.

In other Anixter news, CEO Robert J. Eck sold 2,812 shares of Anixter stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $78.37, for a total value of $220,376.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold a total of 22,812 shares of company stock worth $1,773,000 in the last ninety days. 14.70% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Anixter by 50.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,911 shares of the technology company’s stock worth $145,000 after acquiring an additional 640 shares in the last quarter. Global X Management Co. LLC boosted its stake in shares of Anixter by 75.3% during the 4th quarter. Global X Management Co. LLC now owns 2,305 shares of the technology company’s stock worth $175,000 after acquiring an additional 990 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new stake in shares of Anixter during the 4th quarter worth approximately $217,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Anixter by 231.9% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,027 shares of the technology company’s stock worth $230,000 after acquiring an additional 2,115 shares in the last quarter. Finally, Connable Office Inc. purchased a new stake in shares of Anixter during the 4th quarter worth approximately $258,000. 92.55% of the stock is currently owned by institutional investors and hedge funds.

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About Anixter

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable products, and utility power solutions. Its Network & Security Solutions segment offers copper and fiber optic cable and connectivity, access control, video surveillance, intrusion and fire/life safety, cabinet, power, cable management, wireless, professional audio/video, voice and networking switche, and other ancillary products for technology, finance, telecommunications service provider, transportation, education, government, healthcare, and retail industries.

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