Avnet, Inc. (NYSE:AVT)‘s stock had its “hold” rating reissued by investment analysts at Deutsche Bank AG in a research note issued on Thursday. They currently have a $39.00 price objective on the technology company’s stock, down from their previous price objective of $40.00. Deutsche Bank AG’s price target would indicate a potential upside of 5.98% from the company’s previous close.
Several other equities research analysts have also recently commented on AVT. SunTrust Banks, Inc. cut shares of Avnet from a “buy” rating to a “hold” rating and cut their price objective for the company from $53.00 to $39.00 in a research report on Friday, April 28th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Citigroup Inc. reaffirmed a “sell” rating and issued a $31.00 price objective on shares of Avnet in a research report on Friday, April 28th. Zacks Investment Research cut shares of Avnet from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 2nd. Finally, ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $42.11.
Avnet (NYSE AVT) traded down 2.93% on Thursday, hitting $36.80. The company had a trading volume of 1,744,271 shares. Avnet has a 12-month low of $35.96 and a 12-month high of $51.50. The stock has a market cap of $4.60 billion, a P/E ratio of 8.84 and a beta of 1.04. The firm’s 50 day moving average price is $38.87 and its 200 day moving average price is $41.74.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.77 by $0.07. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a net margin of 2.83% and a return on equity of 9.24%. The firm’s revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.86 EPS. Equities analysts predict that Avnet will post $3.22 earnings per share for the current fiscal year.
In other Avnet news, Director James A. Lawrence purchased 408,451 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the transaction, the director now directly owns 416,549 shares of the company’s stock, valued at approximately $15,408,147.51. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevin M. Moriarty purchased 6,933 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were acquired at an average cost of $36.08 per share, for a total transaction of $250,142.64. The disclosure for this purchase can be found here. Insiders own 1.47% of the company’s stock.
Large investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after buying an additional 11,895,142 shares during the period. Vanguard Group Inc. boosted its stake in shares of Avnet by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock valued at $531,183,000 after buying an additional 187,314 shares during the period. Pzena Investment Management LLC boosted its stake in shares of Avnet by 39.1% in the second quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock valued at $294,844,000 after buying an additional 2,133,389 shares during the period. State Street Corp boosted its stake in shares of Avnet by 1.8% in the first quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock valued at $207,238,000 after buying an additional 79,662 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in shares of Avnet by 0.8% in the first quarter. Artisan Partners Limited Partnership now owns 4,506,341 shares of the technology company’s stock valued at $206,210,000 after buying an additional 34,002 shares during the period. 98.73% of the stock is currently owned by hedge funds and other institutional investors.
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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