Zacks Investment Research upgraded shares of Avnet (NYSE:AVT) from a hold rating to a buy rating in a report published on Thursday. Zacks Investment Research currently has $47.00 price target on the technology company’s stock.
According to Zacks, “Estimates have remained stable for Avnet off late. The divestment of the Technology Solution division has allowed Avnet to focus on high-growth areas such as marketing electronic components and related products in the supply chain. The company intends to use its resources to make investments in embedded solutions, IoT and critical digital platforms as well as expand its footprint in newer markets. Furthermore, acquisitions such as Premier Farnell and Dragon Innovation are likely to bolster Avnet’s portfolio and expand global operations. Nonetheless, a significant portion of Avnet’s revenues comes from the sale of semiconductors, which is a cyclical industry, characterized by changes in technology and manufacturing capacity and subject to significant market upturns and downturns. Notably, the stock has underperformed the industry over the last one year.”
Several other equities research analysts also recently weighed in on AVT. Goldman Sachs raised shares of Avnet from a sell rating to a neutral rating and set a $38.00 price target for the company in a research report on Friday, January 5th. Longbow Research raised shares of Avnet from a neutral rating to a buy rating in a research report on Friday, January 19th. Finally, Pivotal Research began coverage on shares of Avnet in a research report on Tuesday, February 13th. They issued a hold rating and a $44.00 target price for the company. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Avnet has an average rating of Hold and a consensus target price of $40.38.
Shares of AVT traded down $0.05 on Thursday, hitting $41.89. 207,417 shares of the stock traded hands, compared to its average volume of 887,021. The company has a market capitalization of $5,030.50, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 1.34 and a beta of 0.96. The company has a quick ratio of 1.56, a current ratio of 2.75 and a debt-to-equity ratio of 0.28. Avnet has a one year low of $35.67 and a one year high of $45.09.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.06. The company had revenue of $4.52 billion during the quarter, compared to the consensus estimate of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.77 earnings per share. sell-side analysts expect that Avnet will post 3.48 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th were paid a dividend of $0.19 per share. This is a boost from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, March 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.81%. Avnet’s payout ratio is 23.46%.
In other Avnet news, insider Philip R. Gallagher sold 14,292 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $42.00, for a total value of $600,264.00. Following the sale, the insider now owns 22,178 shares in the company, valued at approximately $931,476. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kevin V. Summers sold 1,511 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total transaction of $61,452.37. Following the completion of the sale, the insider now owns 5,354 shares in the company, valued at approximately $217,747.18. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in AVT. JPMorgan Chase & Co. lifted its stake in Avnet by 99.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 735,193 shares of the technology company’s stock worth $29,062,000 after purchasing an additional 365,932 shares in the last quarter. Schwab Charles Investment Management Inc. increased its holdings in shares of Avnet by 8.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 604,751 shares of the technology company’s stock worth $23,767,000 after buying an additional 45,847 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Avnet by 1.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock worth $8,020,000 after buying an additional 2,000 shares during the last quarter. Magnetar Financial LLC bought a new stake in shares of Avnet in the 3rd quarter worth about $218,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in shares of Avnet by 2,303.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 18,577 shares of the technology company’s stock worth $730,000 after buying an additional 17,804 shares during the last quarter. Institutional investors and hedge funds own 96.45% of the company’s stock.
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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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