Avnet, Inc. (AVT) Upgraded at Zacks Investment Research
Avnet, Inc. (NYSE:AVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $45.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.70% from the stock’s current price.
According to Zacks, “Avnet is one of the world’s largest distributors of electronic components and computer products. The divestment of the Technology Solution division has allowed Avnet to focus on high-growth areas such as marketing electronic components and related products in the supply chain. The company intends to use its resources to make investments in embedded solutions, IoT and critical digital platforms as well as expand its footprint in newer markets. Furthermore, acquisitions such as Premier Farnell and Dragon Innovation are likely to bolster Avnet’s portfolio and expand global operations. Nonetheless, a significant portion of Avnet’s revenues comes from the sale of semiconductors, which is a cyclical industry, characterized by changes in technology and manufacturing capacity and subject to significant market upturns and downturns. Notably, the stock has underperformed the industry over the last one year.”
A number of other analysts have also weighed in on the stock. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Deutsche Bank AG restated a “hold” rating and set a $39.00 price objective (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Avnet has an average rating of “Hold” and an average price target of $39.50.
Shares of Avnet (NYSE:AVT) traded up 0.59% during midday trading on Tuesday, reaching $40.65. The company’s stock had a trading volume of 502,359 shares. Avnet has a 12 month low of $35.67 and a 12 month high of $51.50. The stock has a market capitalization of $5.00 billion, a P/E ratio of 9.95 and a beta of 1.07. The stock’s 50-day moving average is $38.58 and its 200 day moving average is $39.25.
Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. Avnet’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. On average, analysts expect that Avnet will post $3.27 earnings per share for the current fiscal year.
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In other news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the sale, the director now directly owns 12,191 shares in the company, valued at $452,286.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.65% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in AVT. Weaver C. Barksdale & Associates Inc. grew its stake in shares of Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after acquiring an additional 262 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Avnet in the second quarter worth approximately $113,000. Daiwa Securities Group Inc. grew its stake in shares of Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock worth $152,000 after acquiring an additional 700 shares during the period. Riverhead Capital Management LLC grew its stake in shares of Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after acquiring an additional 1,559 shares during the period. Finally, M&T Bank Corp bought a new stake in shares of Avnet in the second quarter worth approximately $208,000. Hedge funds and other institutional investors own 97.08% of the company’s stock.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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