Avnet (NYSE:AVT) – Research analysts at SunTrust Banks lifted their FY2019 EPS estimates for shares of Avnet in a note issued to investors on Friday, October 26th. SunTrust Banks analyst W. Stein now anticipates that the technology company will earn $4.25 per share for the year, up from their previous forecast of $4.24.
AVT has been the subject of a number of other reports. Wells Fargo & Co initiated coverage on shares of Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 price target for the company. Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. TheStreet upgraded shares of Avnet from a “c+” rating to a “b” rating in a research note on Thursday, August 9th. Citigroup upgraded shares of Avnet from a “sell” rating to a “neutral” rating in a research note on Friday. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Avnet has a consensus rating of “Hold” and an average price target of $45.67.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.02. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The firm had revenue of $5.09 billion during the quarter, compared to analyst estimates of $5.03 billion.
Avnet announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 29th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 10.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
In related news, insider Maryann G. Miller sold 15,024 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.99, for a total transaction of $721,001.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.65% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. CHICAGO TRUST Co NA bought a new stake in Avnet during the third quarter valued at approximately $207,000. CIBC World Markets Inc. bought a new stake in Avnet during the second quarter valued at approximately $201,000. Jane Street Group LLC bought a new stake in Avnet during the second quarter valued at approximately $210,000. Foster & Motley Inc. bought a new stake in Avnet during the second quarter valued at approximately $226,000. Finally, IFM Investors Pty Ltd bought a new stake in Avnet during the second quarter valued at approximately $266,000. Institutional investors own 96.44% of the company’s stock.
Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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