Avnet Earns BBB+ Credit Rating from Morningstar (AVT)
Avnet (NYSE:AVT) has earned a “BBB+” credit rating from analysts at Morningstar. The firm’s “BBB+” rating suggests that the company is a moderate default risk. They also issued a positive credit outlook for the company and gave their stock a four star rating.
A number of other firms have also recently commented on AVT. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Avnet in a research note on Thursday, August 7th. 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, August 7th. 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. The stock currently has a consensus rating of “Buy” and an average price target of $48.25.
Avnet (NYSE:AVT) opened at 44.56 on Wednesday. Avnet has a one year low of $38.23 and a one year high of $48.18. The stock’s 50-day moving average is $43.48 and its 200-day moving average is $43.79. The company has a market cap of $6.161 billion and a P/E ratio of 11.44. Avnet also was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 1,919,524 shares, an increase of 53.1% from the July 31st total of 1,253,557 shares. Based on an average daily volume of 1,177,213 shares, the days-to-cover ratio is presently 1.6 days. Approximately 1.4% of the shares of the company are short sold.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.14 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.98 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts expect that Avnet will post $4.64 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 1.44%. The ex-dividend date is Thursday, September 4th. This is a boost from Avnet’s previous quarterly dividend of $0.15.
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.
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