Raymond James Financial Inc. upgraded shares of Avnet Inc. (NYSE:AVT) from an outperform rating to a strong-buy rating in a research note published on Tuesday. Raymond James Financial Inc. currently has $52.00 price target on the stock.
A number of other equities research analysts also recently commented on AVT. Citigroup Inc. lifted their target price on shares of Avnet from $31.00 to $37.00 and gave the stock a sell rating in a research report on Thursday, August 11th. Zacks Investment Research downgraded shares of Avnet from a buy rating to a hold rating in a research report on Wednesday, July 13th. Credit Agricole SA set a $43.00 target price on shares of Avnet and gave the stock a sell rating in a research report on Tuesday, September 20th. Brean Capital reaffirmed a hold rating on shares of Avnet in a research report on Thursday, August 11th. Finally, Goldman Sachs Group Inc. raised shares of Avnet from a sell rating to a neutral rating and lifted their target price for the stock from $39.00 to $41.00 in a research report on Tuesday, June 7th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Avnet presently has an average rating of Hold and an average target price of $43.89.
Shares of Avnet (NYSE:AVT) traded up 1.28% during midday trading on Tuesday, hitting $42.67. The company had a trading volume of 260,474 shares. The firm has a market capitalization of $5.43 billion, a P/E ratio of 11.23 and a beta of 1.27. The stock has a 50 day moving average price of $41.01 and a 200 day moving average price of $41.42. Avnet has a 1-year low of $37.10 and a 1-year high of $46.95.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The firm earned $6.20 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the previous year, the firm earned $1.16 earnings per share. Avnet’s revenue was down 8.4% on a year-over-year basis. On average, equities analysts anticipate that Avnet will post $4.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio is currently 17.85%.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Hancock Holding Co. increased its position in shares of Avnet by 97.7% in the first quarter. Hancock Holding Co. now owns 144,914 shares of the company’s stock valued at $6,418,000 after buying an additional 71,613 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Avnet by 11.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,627,554 shares of the company’s stock valued at $72,101,000 after buying an additional 167,608 shares in the last quarter. AXA increased its position in shares of Avnet by 10.8% in the first quarter. AXA now owns 274,300 shares of the company’s stock valued at $12,152,000 after buying an additional 26,800 shares in the last quarter. UBS Group AG increased its position in shares of Avnet by 11.0% in the first quarter. UBS Group AG now owns 45,747 shares of the company’s stock valued at $2,026,000 after buying an additional 4,536 shares in the last quarter. Finally, Zebra Capital Management LLC increased its position in shares of Avnet by 30.5% in the first quarter. Zebra Capital Management LLC now owns 21,506 shares of the company’s stock valued at $953,000 after buying an additional 5,022 shares in the last quarter. 94.67% of the stock is owned by institutional investors.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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