Avnet Inc. (NYSE:AVT) Receives Consensus Rating of “Hold” from Analysts
Avnet Inc. (NYSE:AVT) has been given a consensus rating of “Hold” by the eleven research firms that are currently covering the firm. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokers that have covered the stock in the last year is $40.67.
AVT has been the topic of a number of research reports. Citigroup Inc. upped their target price on Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, August 11th. Goldman Sachs Group Inc. raised Avnet from a “sell” rating to a “neutral” rating and upped their target price for the stock from $39.00 to $41.00 in a research report on Tuesday, June 7th. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Brean Capital reaffirmed a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Finally, Stifel Nicolaus lowered Avnet from a “buy” rating to a “hold” rating and lowered their target price for the stock from $47.00 to $44.00 in a research report on Tuesday.
Shares of Avnet (NYSE:AVT) traded up 0.69% during midday trading on Wednesday, reaching $40.61. The company’s stock had a trading volume of 479,694 shares. The firm has a 50-day moving average of $41.05 and a 200-day moving average of $41.58. Avnet has a one year low of $37.10 and a one year high of $46.95. The stock has a market cap of $5.17 billion, a PE ratio of 10.69 and a beta of 1.16.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/21/avnet-inc-nyseavt-receives-consensus-rating-of-hold-from-analysts.html
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The firm had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company earned $1.16 earnings per share. Avnet’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, analysts forecast that Avnet will post $4.26 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.69%. Avnet’s dividend payout ratio (DPR) is currently 17.85%.
A number of large investors have recently made changes to their positions in AVT. Vanguard Group Inc. increased its position in shares of Avnet by 5.7% in the second quarter. Vanguard Group Inc. now owns 11,108,072 shares of the company’s stock worth $449,988,000 after buying an additional 594,619 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in shares of 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 worth $199,734,000 after buying an additional 235,891 shares during the period. BlackRock Fund Advisors increased its position in shares of Avnet by 2.1% in the second quarter. BlackRock Fund Advisors now owns 4,475,376 shares of the company’s stock worth $181,297,000 after buying an additional 91,041 shares during the period. Pzena Investment Management LLC increased its position in shares of Avnet by 0.8% in the second quarter. Pzena Investment Management LLC now owns 4,335,912 shares of the company’s stock worth $175,648,000 after buying an additional 35,119 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Avnet by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,182,888 shares of the company’s stock worth $169,438,000 after buying an additional 286,334 shares during the period. Institutional investors and hedge funds own 94.67% 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.
Receive News & Ratings for Avnet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet Inc. and related companies with MarketBeat.com's FREE daily email newsletter.