Avnet, Inc. (NYSE:AVT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $45.00 price target on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.59% 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.”
AVT has been the topic of a number of other reports. BidaskClub raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Monday, July 3rd. Deutsche Bank AG reissued a “hold” rating and issued a $39.00 price target (down from $40.00) on shares of Avnet in a report on Thursday, August 10th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Tuesday, September 26th. Finally, Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $44.00 to $40.00 in a report on Friday, July 14th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $39.50.
Shares of Avnet (NYSE:AVT) opened at 40.69 on Tuesday. The firm has a market cap of $5.01 billion, a PE ratio of 9.96 and a beta of 1.07. The stock’s 50 day moving average is $38.70 and its 200-day moving average is $39.26. Avnet has a 1-year low of $35.67 and a 1-year high of $51.50.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 EPS. Analysts expect that Avnet will post $3.27 earnings per share for the current year.
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In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.65% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVT. BlackRock Inc. lifted its holdings in Avnet by 5,261.5% during the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock valued at $554,666,000 after purchasing an additional 11,895,142 shares during the last quarter. Pzena Investment Management LLC lifted its holdings in Avnet by 39.1% during the second quarter. Pzena Investment Management LLC now owns 7,583,434 shares of the technology company’s stock valued at $294,844,000 after purchasing an additional 2,133,389 shares during the last quarter. FMR LLC lifted its holdings in Avnet by 102.0% during the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after purchasing an additional 1,922,592 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Avnet by 160.0% during the second quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock valued at $86,166,000 after purchasing an additional 1,363,770 shares during the last quarter. Finally, Prudential PLC lifted its holdings in Avnet by 33.2% during the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after purchasing an additional 1,134,700 shares during the last quarter. 97.08% of the stock is currently owned by institutional investors and hedge funds.
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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