Zacks Investment Research upgraded shares of Avnet (NYSE:AVT) from a hold rating to a buy rating in a research note published on Wednesday morning. They currently have $49.00 target price on the technology company’s stock.
According to Zacks, “Avnet is gaining from the strong performance of its Electronics Components segment and Premier Farnell buyout. The divestment of the TS 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.”
A number of other research analysts have also recently weighed in on the company. Pivotal Research reaffirmed a buy rating and set a $50.00 price objective on shares of Avnet in a research report on Friday, June 22nd. Goldman Sachs Group cut Avnet from a neutral rating to a sell rating in a research report on Thursday, May 31st. TheStreet cut Avnet from a b rating to a c+ rating in a research report on Wednesday, May 2nd. Bank of America raised Avnet from an underperform rating to a neutral rating in a report on Wednesday, April 25th. Finally, ValuEngine cut Avnet from a buy rating to a hold rating in a report on Tuesday, April 24th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $41.14.
Avnet opened at $42.89 on Wednesday, MarketBeat reports. Avnet has a twelve month low of $35.67 and a twelve month high of $44.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 2.75. The stock has a market cap of $4.63 billion, a PE ratio of 13.24, a P/E/G ratio of 1.08 and a beta of 0.99.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, April 26th. The technology company reported $1.02 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.06. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the firm earned $0.88 EPS. The business’s quarterly revenue was up 8.0% on a year-over-year basis. equities analysts forecast that Avnet will post 3.52 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of AVT. Penserra Capital Management LLC purchased a new position in Avnet in the 1st quarter worth approximately $103,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in Avnet by 135.0% in the 4th 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. BlueCrest Capital Management Ltd purchased a new position in Avnet in the 4th quarter worth approximately $257,000. Toronto Dominion Bank lifted its holdings in Avnet by 37.4% in the 4th quarter. Toronto Dominion Bank now owns 7,253 shares of the technology company’s stock worth $287,000 after purchasing an additional 1,974 shares in the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in Avnet in the 1st quarter worth approximately $295,000. 96.44% of the stock is currently owned by institutional investors.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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