Avnet (AVT) Upgraded to “Buy” at ValuEngine

Avnet (NYSE:AVT) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report issued on Friday.

Several other research analysts have also recently issued reports on the stock. TheStreet raised shares of Avnet from a “c” rating to a “b-” rating in a report on Friday, November 10th. Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Citigroup lifted their price objective on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Stifel Nicolaus boosted their target price on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, October 10th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $40.29.

Avnet (NYSE AVT) traded up $0.12 during trading hours on Friday, hitting $41.53. 1,058,026 shares of the stock traded hands, compared to its average volume of 753,673. Avnet has a 1-year low of $35.67 and a 1-year high of $51.50. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $5,022.10, a P/E ratio of 12.78, a P/E/G ratio of 1.36 and a beta of 1.09.

Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The business had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. research analysts forecast that Avnet will post 3.36 earnings per share for the current fiscal year.

Avnet declared that its board has authorized a stock repurchase plan on Friday, November 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Several hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC lifted its holdings in shares of Avnet by 7.5% in the 3rd quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock worth $320,453,000 after acquiring an additional 570,577 shares during the last quarter. Prudential PLC increased its stake in Avnet by 33.2% during the 2nd quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock worth $177,184,000 after buying an additional 1,134,700 shares during the period. FMR LLC increased its stake in Avnet by 102.0% during the 2nd quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock worth $148,007,000 after buying an additional 1,922,592 shares during the period. Thompson Siegel & Walmsley LLC increased its stake in Avnet by 45.8% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock worth $121,589,000 after buying an additional 982,158 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Avnet by 160.0% during the 2nd quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock worth $86,166,000 after buying an additional 1,363,770 shares during the period. Hedge funds and other institutional investors own 94.82% of the company’s stock.

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About Avnet

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Avnet (NYSE:AVT)

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