Avnet (NYSE:AVT) was upgraded by stock analysts at Goldman Sachs Group from a “sell” rating to a “neutral” rating in a report released on Friday, MarketBeat Ratings reports. The brokerage presently has a $38.00 price target on the technology company’s stock. Goldman Sachs Group’s price objective suggests a potential downside of 9.09% from the stock’s previous close.
Other equities research analysts also recently issued reports about the stock. TheStreet raised shares of Avnet from a “c” rating to a “b-” rating in a research note on Friday, November 10th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, October 10th. Stifel Nicolaus increased their price target on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Finally, Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $39.57.
Shares of Avnet (AVT) opened at $41.80 on Friday. The firm has a market cap of $5,054.75, a P/E ratio of 12.86, a P/E/G ratio of 1.37 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63. Avnet has a one year low of $35.67 and a one year high of $48.20.
Avnet declared that its Board of Directors has initiated a stock repurchase program on Friday, November 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.
In other news, CEO Amelio J. William bought 3,000 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were purchased at an average price of $39.16 per share, for a total transaction of $117,480.00. The transaction 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 institutional investors have recently modified their holdings of AVT. Schwab Charles Investment Management Inc. grew its holdings in shares of Avnet by 7.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 558,904 shares of the technology company’s stock worth $21,731,000 after purchasing an additional 37,062 shares during the last quarter. BB&T Securities LLC bought a new position in shares of Avnet in the second quarter worth approximately $218,000. Royce & Associates LP grew its holdings in shares of Avnet by 18.1% in the second quarter. Royce & Associates LP now owns 94,500 shares of the technology company’s stock worth $3,674,000 after purchasing an additional 14,500 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Avnet by 0.6% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 271,253 shares of the technology company’s stock worth $10,546,000 after purchasing an additional 1,690 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Avnet by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,678 shares of the technology company’s stock worth $959,000 after purchasing an additional 2,210 shares during the last quarter. Hedge funds and other institutional investors own 95.95% of the company’s stock.
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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.
