Avnet Inc. (AVT) Rating Lowered to Hold at Stifel Nicolaus
Avnet Inc. (NYSE:AVT) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday. They currently have a $44.00 target price on the stock, down from their previous target price of $47.00. Stifel Nicolaus’ target price suggests a potential upside of 9.10% from the stock’s current price.
AVT has been the subject of a number of other research reports. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Friday, July 8th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Brean Capital reiterated a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Finally, Goldman Sachs Group Inc. upgraded Avnet from a “sell” rating to a “neutral” rating and lifted their price target for the company from $39.00 to $41.00 in a research note on Tuesday, June 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. Avnet currently has an average rating of “Hold” and an average target price of $43.14.
Shares of Avnet (NYSE:AVT) traded down 3.72% during trading on Tuesday, hitting $40.33. The stock had a trading volume of 2,324,198 shares. The company has a market capitalization of $5.14 billion, a price-to-earnings ratio of 10.61 and a beta of 1.16. The company’s 50 day moving average price is $41.05 and its 200 day moving average price is $41.58. Avnet has a 52 week low of $37.10 and a 52 week high of $46.95.
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Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by $0.02. The firm earned $6.20 billion during the quarter, compared to analyst estimates of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The business’s quarterly revenue was down 8.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. Analysts predict that Avnet will post $4.26 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a $0.17 dividend. The ex-dividend date of this dividend was Friday, September 2nd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.69%. Avnet’s dividend payout ratio (DPR) is presently 17.85%.
Several large investors have recently bought and sold shares of AVT. Weaver C. Barksdale & Associates Inc. boosted its stake in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock worth $118,000 after buying an additional 388 shares during the period. Invictus RG bought a new stake in Avnet during the second quarter worth approximately $132,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in Avnet by 1.8% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,864 shares of the company’s stock worth $216,000 after buying an additional 88 shares during the period. Boston Private Wealth LLC boosted its stake in Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock worth $222,000 after buying an additional 533 shares during the period. Finally, CIBC Asset Management Inc boosted its stake in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares during the period. 94.69% of the stock is currently owned by institutional investors.
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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