Shares of Avnet (NYSE:AVT) have received an average recommendation of “Hold” from the nine analysts that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $50.67.
Several research analysts recently issued reports on AVT shares. Wells Fargo & Co started 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. Citigroup increased their price target on shares of Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a research note on Thursday, August 9th. Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and increased 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. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th.
In related news, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction dated 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 filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.65% of the company’s stock.
Shares of Avnet stock traded down $0.58 during trading on Friday, hitting $43.36. The company’s stock had a trading volume of 68,141 shares, compared to its average volume of 960,896. Avnet has a 52 week low of $37.11 and a 52 week high of $49.40.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.02. The business had revenue of $5.09 billion during the quarter, compared to the consensus estimate of $5.03 billion.
Avnet announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 29th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
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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