Avnet Inc. (AVT) Lifted to “Strong-Buy” at Raymond James Financial Inc.
Avnet Inc. (NYSE:AVT) was upgraded by analysts at Raymond James Financial Inc. from an “outperform” rating to a “strong-buy” rating in a report released on Tuesday. The brokerage presently has a $52.00 price target on the stock. Raymond James Financial Inc.’s price target would suggest a potential upside of 22.09% from the stock’s previous close.
Other analysts also recently issued reports about the company. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Credit Agricole SA set a $43.00 target price on Avnet and gave the company a “sell” rating in a research note on Tuesday, September 20th. Cross Research downgraded Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Finally, Brean Capital restated a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $43.89.
Avnet (NYSE:AVT) opened at 42.59 on Tuesday. The firm’s 50-day moving average price is $41.14 and its 200-day moving average price is $41.43. The firm has a market cap of $5.42 billion, a P/E ratio of 11.21 and a beta of 1.27. Avnet has a 12 month low of $37.10 and a 12 month high of $46.95.
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Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by $0.02. The firm 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%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. On average, equities research analysts expect that Avnet will post $4.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders 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 1.60%. Avnet’s dividend payout ratio is currently 17.85%.
Several institutional investors have recently bought and sold shares of AVT. Weaver C. Barksdale & Associates Inc. boosted its position in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock valued at $118,000 after buying an additional 388 shares in the last quarter. Invictus RG bought a new stake in Avnet during the second quarter worth approximately $132,000. Boston Private Wealth LLC boosted its stake in Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock worth $222,000 after buying an additional 533 shares during the period. CIBC Asset Management Inc boosted its stake in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares during the period. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Avnet during the first quarter worth approximately $262,000. 94.67% of the stock is currently 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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