Avnet Inc. (AVT) Price Target Cut to $35.00
Avnet Inc. (NYSE:AVT) had its price objective decreased by stock analysts at Citigroup Inc. from $37.00 to $35.00 in a research report issued to clients and investors on Thursday. The brokerage currently has a “sell” rating on the stock. Citigroup Inc.’s price objective would indicate a potential downside of 14.40% from the stock’s current price.
Other equities research analysts have also issued research reports about the company. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Friday, July 8th. Stifel Nicolaus downgraded 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. Brean Capital reiterated a “hold” rating on shares of Avnet in a report on Thursday, August 11th. Finally, Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a report on Monday, July 11th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. Avnet currently has an average rating of “Hold” and an average target price of $42.88.
Avnet (NYSE:AVT) opened at 40.89 on Thursday. The stock has a market capitalization of $5.21 billion, a price-to-earnings ratio of 10.76 and a beta of 1.16. The stock’s 50 day moving average price is $41.08 and its 200 day moving average price is $41.57. Avnet has a 52-week low of $37.10 and a 52-week high of $46.95.
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Avnet (NYSE:AVT) last posted its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $6.21 billion. During the same period in the previous year, the company posted $1.16 EPS. Avnet’s quarterly revenue was down 8.4% compared to the same quarter last year. On average, analysts forecast that Avnet will post $4.25 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors 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 dividend on an annualized basis and a yield of 1.66%. Avnet’s dividend payout ratio (DPR) is 17.85%.
Hedge funds have recently made changes to their positions in the company. Macquarie Group Ltd. boosted its stake in shares of Avnet by 0.7% in the second quarter. Macquarie Group Ltd. now owns 306,406 shares of the company’s stock worth $12,412,000 after buying an additional 2,150 shares during the period. Nomura Holdings Inc. boosted its stake in shares of Avnet by 63.7% in the second quarter. Nomura Holdings Inc. now owns 9,500 shares of the company’s stock worth $386,000 after buying an additional 3,698 shares during the period. Mason Street Advisors LLC acquired a new stake in shares of Avnet during the second quarter worth $2,374,000. Royal Bank of Canada boosted its stake in shares of Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock worth $7,905,000 after buying an additional 78,873 shares during the period. Finally, Calvert Investment Management Inc. boosted its stake in shares of Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. 94.67% of the stock is owned by hedge funds and other institutional investors.
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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