Insider Buying: Avnet Director Buys 191,000 Shares of Stock (AVT)
Avnet (NYSE:AVT) Director James A. Lawrence bought 191,000 shares of the stock on the open market in a transaction dated Monday, August 11th. The shares were purchased at an average price of $41.43 per share, with a total value of $7,913,130.00. Following the acquisition, the director now directly owns 235,327 shares of the company’s stock, valued at approximately $9,749,598. The purchase was disclosed in a filing with the SEC, which can be accessed through this link.
Avnet (NYSE:AVT) traded up 0.68% on Monday, hitting $41.37. The stock had a trading volume of 1,368,221 shares. Avnet has a 52-week low of $38.02 and a 52-week high of $48.18. The stock has a 50-day moving average of $43.57 and a 200-day moving average of $43.48. The company has a market cap of $5.727 billion and a P/E ratio of 10.56.
Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 6th. The company reported $1.14 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.10 by $0.04. The company had revenue of $7.05 billion for the quarter, compared to the consensus estimate of $6.94 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts expect that Avnet will post $4.63 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 19th. Stockholders of record on Monday, September 8th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Thursday, September 4th. This is a boost from Avnet’s previous quarterly dividend of $0.15.
A number of research firms have recently commented on AVT. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Avnet in a research note on Thursday. They now have a $47.00 price target on the stock, up previously from $45.00. Analysts at Brean Capital cut their price target on shares of Avnet from $50.00 to $47.00 in a research note on Thursday. They now have a “buy” rating on the stock. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Avnet currently has an average rating of “Buy” and an average price target of $48.25.
Avnet, Inc, together with its subsidiaries, is a distributor of electronic components, enterprise computer and storage products, information technology (NYSE:AVT) services and embedded subsystems.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.