Several other research firms also recently weighed in on AVT. Cross Research upgraded Avnet from a sell rating to a hold rating in a research note on Friday, October 27th. Citigroup Inc. upped their price target on Avnet from $31.00 to $34.00 and gave the stock a sell rating in a research note on Friday, October 27th. Stifel Nicolaus upped their price target on Avnet from $40.00 to $42.00 and gave the stock a hold rating in a research note on Thursday, October 26th. Zacks Investment Research upgraded Avnet from a hold rating to a buy rating and set a $45.00 price target on the stock in a research note on Tuesday, October 10th. Finally, Bank of America Corporation downgraded 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 research note on Friday, July 14th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $40.29.
Avnet (AVT) traded down $0.35 during trading on Friday, hitting $39.21. The company had a trading volume of 669,200 shares, compared to its average volume of 1,122,244. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63. The stock has a market cap of $4,783.89, a P/E ratio of 12.17, a P/E/G ratio of 1.29 and a beta of 1.08. Avnet has a 52 week low of $35.67 and a 52 week high of $51.50.
Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.05. The company had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.91 EPS. research analysts predict that Avnet will post 3.36 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be given a $0.18 dividend. The ex-dividend date is Tuesday, December 5th. This represents a $0.72 annualized dividend and a yield of 1.84%. Avnet’s dividend payout ratio (DPR) is presently 17.96%.
Avnet declared that its board has initiated a stock repurchase plan on Friday, November 10th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value of $393,260.00. Following the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.65% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpha Windward LLC bought a new position in shares of Avnet during the 3rd quarter valued at $507,000. Engineers Gate Manager LP bought a new position in shares of Avnet during the 2nd quarter valued at $4,773,000. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Avnet by 1.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock valued at $14,514,000 after buying an additional 4,083 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in shares of Avnet by 77.0% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 1,142,818 shares of the technology company’s stock valued at $44,913,000 after buying an additional 497,203 shares during the period. Finally, Cipher Capital LP lifted its holdings in shares of Avnet by 68.9% during the 2nd quarter. Cipher Capital LP now owns 33,226 shares of the technology company’s stock valued at $1,292,000 after buying an additional 13,552 shares during the period. 91.91% of the stock is currently owned by hedge funds and other institutional investors.
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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