Anixter International Trading Down 4.3% Following Weak Earnings (AXE)
Anixter International (NYSE:AXE) was down 4.3% during mid-day trading on Tuesday following a weaker than expected earnings announcement, StockRatingsNetwork reports. The company traded as low as $88.41 and last traded at $89.93, with a volume of 312,529 shares trading hands. The stock had previously closed at $93.97.
The company reported $1.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.64 by $0.07. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the previous year, the company posted $1.39 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis.
AXE has been the subject of a number of recent research reports. Analysts at Robert W. Baird downgraded shares of Anixter International from an “outperform” rating to a “neutral” rating in a research note on Monday, June 9th. They now have a $108.00 price target on the stock. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Anixter International has an average rating of “Hold” and a consensus price target of $95.54.
In other Anixter International news, VP William Galvin unloaded 2,000 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $97.26, for a total value of $194,520.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
The stock has a 50-day moving average of $98. and a 200-day moving average of $98.4. The company has a market cap of $2.894 billion and a P/E ratio of 15.14.
Anixter International Inc is engaged in the distribution of communications and security products, electrical wire and cable products, fasteners and small parts through Anixter Inc and its subsidiaries (NYSE:AXE).
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