Avnet Inc. (NYSE:AVT) had its target price reduced by equities researchers at Citigroup Inc. from $37.00 to $35.00 in a research note issued on Thursday. The brokerage currently has a “sell” rating on the stock. Citigroup Inc.’s target price suggests a potential downside of 14.40% from the company’s current price.

A number of other equities research analysts have also weighed in on the stock. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a report on Monday, July 11th. Stifel Nicolaus lowered shares of 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 report on Tuesday. SunTrust Banks Inc. restated a “buy” rating on shares of Avnet in a report on Saturday, June 25th. Cross Research lowered shares of Avnet from a “hold” rating to a “sell” rating in a report 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 stock 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 assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $42.88.

Shares of Avnet (NYSE:AVT) opened at 40.89 on Thursday. The company has a market cap of $5.21 billion, a PE 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 one year low of $37.10 and a one year 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 for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The business earned $6.20 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the company earned $1.16 EPS. The company’s revenue was down 8.4% on a year-over-year basis. On average, analysts expect that Avnet will post $4.25 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were issued a $0.17 dividend. The ex-dividend date was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.66%. Avnet’s dividend payout ratio (DPR) is presently 17.85%.

A number of hedge funds and other institutional investors have recently modified their holdings of AVT. Norges Bank purchased a new position in shares of Avnet during the fourth quarter valued at about $53,901,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Avnet by 8.7% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,094 shares of the company’s stock valued at $1,865,000 after buying an additional 3,366 shares during the period. OLD National Bancorp IN boosted its position in shares of Avnet by 5.9% in the first quarter. OLD National Bancorp IN now owns 8,482 shares of the company’s stock valued at $376,000 after buying an additional 476 shares during the period. PGGM Investments boosted its position in shares of Avnet by 2.5% in the first quarter. PGGM Investments now owns 90,774 shares of the company’s stock valued at $4,021,000 after buying an additional 2,218 shares during the period. Finally, Sanders Morris Harris Inc. purchased a new position in shares of Avnet during the first quarter valued at about $424,000. 94.67% of the stock is owned by institutional investors and hedge funds.

About Avnet

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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