Zacks Investment Research Lowers Anixter (AXE) to Hold

Zacks Investment Research cut shares of Anixter (NYSE:AXE) from a buy rating to a hold rating in a research note released on Tuesday morning.

According to Zacks, “Anixter is a leading global distributor of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions. They help build, connect, protect and power valuable assets and critical infrastructures. From enterprise networks to industrial MRO supply to video surveillance applications to electric power distribution, they offer full-line solutions, and intelligence, that create reliable, resilient systems that sustain businesses and communities. Through their unmatched global distribution network along with their supply chain and technical expertise, they help lower the cost, risk and complexity of their customers’ supply chains. “

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AXE has been the topic of several other research reports. TheStreet lowered Anixter from a b- rating to a c+ rating in a research note on Wednesday, February 28th. ValuEngine upgraded Anixter from a hold rating to a buy rating in a research report on Wednesday, March 7th. Finally, Wells Fargo restated a market perform rating and set a $90.00 price objective (up from $78.00) on shares of Anixter in a research report on Wednesday, January 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $90.00.

Shares of NYSE:AXE opened at $74.70 on Tuesday. The company has a market cap of $2,546.92, a PE ratio of 14.83, a PEG ratio of 1.21 and a beta of 2.04. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.18 and a current ratio of 2.10. Anixter has a 12 month low of $62.40 and a 12 month high of $88.85.

Anixter (NYSE:AXE) last announced its quarterly earnings results on Tuesday, January 30th. The technology company reported $1.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.31 by $0.10. The business had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.99 billion. Anixter had a return on equity of 12.39% and a net margin of 1.38%. The company’s quarterly revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.31 EPS. analysts expect that Anixter will post 6.35 EPS for the current fiscal year.

In related news, CEO Robert J. Eck sold 12,200 shares of Anixter stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $76.04, for a total transaction of $927,688.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 22,812 shares of company stock valued at $1,773,000 over the last 90 days. Insiders own 14.70% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Anixter by 0.8% in the 4th quarter. BlackRock Inc. now owns 3,725,407 shares of the technology company’s stock valued at $283,131,000 after acquiring an additional 30,910 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Anixter by 4.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,379,703 shares of the technology company’s stock valued at $117,275,000 after acquiring an additional 63,922 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Anixter by 5.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 896,632 shares of the technology company’s stock valued at $68,144,000 after acquiring an additional 46,165 shares during the last quarter. Pzena Investment Management LLC raised its holdings in Anixter by 77.7% in the 4th quarter. Pzena Investment Management LLC now owns 860,348 shares of the technology company’s stock valued at $65,386,000 after acquiring an additional 376,316 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Anixter by 14.2% in the 4th quarter. Jennison Associates LLC now owns 770,566 shares of the technology company’s stock valued at $58,563,000 after acquiring an additional 95,781 shares during the last quarter. Hedge funds and other institutional investors own 92.55% of the company’s stock.

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Anixter Company Profile

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable products, and utility power solutions. Its Network & Security Solutions segment offers copper and fiber optic cable and connectivity, access control, video surveillance, intrusion and fire/life safety, cabinet, power, cable management, wireless, professional audio/video, voice and networking switche, and other ancillary products for technology, finance, telecommunications service provider, transportation, education, government, healthcare, and retail industries.

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