Avnet, Inc. (NYSE:AVT) has been assigned an average rating of “Hold” from the thirteen research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $39.43.
Several research firms have commented on AVT. Pivotal Research began coverage on shares of Avnet in a research report on Tuesday, February 13th. They set a “hold” rating and a $44.00 price objective for the company. TheStreet upgraded shares of Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. Longbow Research upgraded shares of Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, January 19th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective for the company in a research report on Friday, January 5th. Finally, ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st.
Avnet (NYSE AVT) traded down $0.02 during mid-day trading on Tuesday, reaching $43.09. 92,005 shares of the company’s stock traded hands, compared to its average volume of 1,046,452. Avnet has a fifty-two week low of $35.67 and a fifty-two week high of $47.08. The company has a quick ratio of 1.56, a current ratio of 2.75 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $5,112.07, a price-to-earnings ratio of 12.01, a P/E/G ratio of 1.36 and a beta of 1.01.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Monday, March 12th. This is a positive change from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio (DPR) is 19.94%.
Avnet announced that its board has initiated a stock buyback program on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
In other news, insider Philip R. Gallagher sold 14,292 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $42.00, for a total value of $600,264.00. Following the completion of the sale, the insider now owns 22,178 shares in the company, valued at approximately $931,476. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Amelio J. William bought 3,000 shares of the stock in a transaction dated Friday, December 8th. The stock was purchased at an average price of $39.16 per share, with a total value of $117,480.00. The disclosure for this purchase can be found here. 1.65% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Jane Street Group LLC increased its stake in Avnet by 11.3% in the 4th quarter. Jane Street Group LLC now owns 12,428 shares of the technology company’s stock worth $492,000 after buying an additional 1,262 shares during the period. Brookstone Capital Management increased its stake in Avnet by 17.0% in the 3rd quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock worth $344,000 after buying an additional 1,275 shares during the period. Tyers Asset Management LLC increased its stake in Avnet by 23.5% in the 4th quarter. Tyers Asset Management LLC now owns 8,832 shares of the technology company’s stock worth $350,000 after buying an additional 1,680 shares during the period. Glenmede Trust Co. NA increased its stake in Avnet by 13.6% in the 4th quarter. Glenmede Trust Co. NA now owns 14,449 shares of the technology company’s stock worth $571,000 after buying an additional 1,727 shares during the period. Finally, Toronto Dominion Bank increased its stake 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 buying an additional 1,974 shares during the period. 96.58% of the stock is currently owned by institutional investors.
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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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