Avnet Inc. (AVT) Lowered to Sell at Cross Research
Avnet Inc. (NYSE:AVT) was downgraded by equities researchers at Cross Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
Several other equities research analysts have also recently commented on the company. Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a report on Monday, July 11th. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Avnet in a report on Saturday, June 25th. Goldman Sachs Group Inc. raised Avnet from a “sell” rating to a “neutral” rating and increased their price target for the company from $39.00 to $41.00 in a report on Tuesday, June 7th. Stifel Nicolaus cut Avnet from a “buy” rating to a “hold” rating and cut their price target for the company from $47.00 to $44.00 in a report on Tuesday. Finally, Brean Capital reaffirmed a “hold” rating on shares of Avnet in a report on Thursday, August 11th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $43.14.
Avnet (NYSE:AVT) traded down 3.72% on Tuesday, hitting $40.33. The stock had a trading volume of 2,324,198 shares. The company has a market cap of $5.14 billion, a P/E ratio of 10.61 and a beta of 1.16. Avnet has a 52-week low of $37.10 and a 52-week high of $46.95. The firm’s 50-day moving average is $41.05 and its 200-day moving average is $41.58.
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Avnet (NYSE:AVT) last posted its quarterly earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The company earned $6.20 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the business posted $1.16 EPS. Avnet’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Avnet will post $4.26 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.68 annualized dividend and a dividend yield of 1.69%. Avnet’s dividend payout ratio is currently 17.85%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in Avnet by 60.3% in the first quarter. JPMorgan Chase & Co. now owns 744,226 shares of the company’s stock valued at $32,970,000 after buying an additional 280,086 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Avnet by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,508,667 shares of the company’s stock valued at $199,734,000 after buying an additional 235,891 shares in the last quarter. BlackRock Group LTD raised its position in Avnet by 2.2% in the first quarter. BlackRock Group LTD now owns 860,181 shares of the company’s stock valued at $38,106,000 after buying an additional 18,385 shares in the last quarter. Teachers Advisors Inc. raised its position in Avnet by 4.0% in the first quarter. Teachers Advisors Inc. now owns 186,624 shares of the company’s stock valued at $8,267,000 after buying an additional 7,239 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its position in Avnet by 6.8% in the first quarter. TIAA CREF Investment Management LLC now owns 343,374 shares of the company’s stock valued at $15,211,000 after buying an additional 21,850 shares in the last quarter. Institutional investors and hedge funds own 94.69% of the company’s stock.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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