Credit Agricole SA Analysts Give Avnet Inc. (AVT) a $43.00 Price Target
Avnet Inc. (NYSE:AVT) has been given a $43.00 price target by investment analysts at Credit Agricole SA in a research report issued on Tuesday. The brokerage currently has a a “sell” rating on the stock. Credit Agricole SA’s price target would indicate a potential upside of 6.62% from the company’s previous close.
A number of other equities research analysts have also recently commented on the stock. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Stifel Nicolaus cut shares of Avnet from a “buy” rating to a “hold” rating and lowered their price objective for the company from $47.00 to $44.00 in a research note on Tuesday. SunTrust Banks Inc. reissued a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Cross Research cut shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Goldman Sachs Group Inc. upgraded shares of Avnet from a “sell” rating to a “neutral” rating and upped their target price for the company from $39.00 to $41.00 in a report on Tuesday, June 7th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Avnet presently has an average rating of “Hold” and an average price target of $43.13.
Shares of Avnet (NYSE:AVT) traded up 1.21% on Tuesday, hitting $40.82. 541,074 shares of the company were exchanged. Avnet has a 52-week low of $37.10 and a 52-week high of $46.95. The company has a 50-day moving average price of $41.05 and a 200 day moving average price of $41.58. The firm has a market cap of $5.20 billion, a P/E ratio of 10.74 and a beta of 1.16.
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Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. The business earned $6.20 billion during the quarter, compared to analyst estimates of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. Avnet’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.16 earnings per share. Analysts predict that Avnet will post $4.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were issued 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 payout ratio is currently 17.85%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Macquarie Group Ltd. raised its position in shares of Avnet by 0.7% in the second quarter. Macquarie Group Ltd. now owns 306,406 shares of the company’s stock valued at $12,412,000 after buying an additional 2,150 shares during the last quarter. Nomura Holdings Inc. raised its position in Avnet by 63.7% in the second quarter. Nomura Holdings Inc. now owns 9,500 shares of the company’s stock valued at $386,000 after buying an additional 3,698 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Avnet during the second quarter valued at approximately $2,374,000. Royal Bank of Canada raised its position in Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock valued at $7,905,000 after buying an additional 78,873 shares during the last quarter. Finally, Calvert Investment Management Inc. raised its position in Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock valued at $290,000 after buying an additional 107 shares during the last quarter. Institutional investors and hedge funds own 94.67% of the company’s stock.
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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