Avnet, Inc. (NYSE:AVT) has earned an average rating of “Hold” from the twelve brokerages that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $38.67.
AVT has been the topic of a number of research reports. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Tuesday, October 10th. Goldman Sachs Group upgraded Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a research report on Friday, January 5th. Stifel Nicolaus boosted their price objective on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research report on Thursday, October 26th. Citigroup boosted their price objective on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research report on Friday, October 27th. Finally, TheStreet upgraded Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th.
In related news, CEO Amelio J. William purchased 3,000 shares of the stock in a transaction on Friday, December 8th. The shares were purchased at an average cost of $39.16 per share, for a total transaction of $117,480.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.65% of the company’s stock.
A number of large investors have recently made changes to their positions in the business. Pzena Investment Management LLC grew its position in Avnet by 7.5% in the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock valued at $320,453,000 after acquiring an additional 570,577 shares during the period. FMR LLC grew its position in Avnet by 102.0% in the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after acquiring an additional 1,922,592 shares during the period. LSV Asset Management grew its position in Avnet by 5.0% in the fourth quarter. LSV Asset Management now owns 1,470,300 shares of the technology company’s stock valued at $58,253,000 after acquiring an additional 69,700 shares during the period. Prudential Financial Inc. grew its position in Avnet by 19.2% in the third quarter. Prudential Financial Inc. now owns 1,377,344 shares of the technology company’s stock valued at $54,130,000 after acquiring an additional 222,109 shares during the period. Finally, Fuller & Thaler Asset Management Inc. bought a new stake in Avnet in the third quarter valued at $45,908,000. Hedge funds and other institutional investors own 97.08% of the company’s stock.
Avnet (AVT) traded down $0.21 on Friday, hitting $41.27. The stock had a trading volume of 133,245 shares, compared to its average volume of 1,068,581. The company has a market capitalization of $4,975.33, a PE ratio of 11.49, a PEG ratio of 1.32 and a beta of 1.01. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. Avnet has a 1-year low of $35.67 and a 1-year high of $47.19.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a return on equity of 7.87% and a net margin of 2.51%. Avnet’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 earnings per share. analysts anticipate that Avnet will post 3.48 earnings per share for the current year.
Avnet announced that its Board of Directors has authorized a share repurchase plan on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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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