Published On: Mon, Sep 19th, 2016

Avnet Inc. (AVT) Trading 7.7% Higher

Avnet Inc. (NYSE:AVT) traded up 7.7% on Monday . The company traded as high as $42.87 and last traded at $42.22, with a volume of 1,966,486 shares trading hands. The stock had previously closed at $39.21.
A number of equities research analysts have weighed in on the company. Brean Capital reiterated a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Citigroup Inc. boosted their price objective on Avnet from $31.00 to $37.00 and gave the company a “sell” rating in a research note on Thursday, August 11th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a research note on Monday, July 11th. Finally, SunTrust Banks Inc. reiterated a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. Avnet currently has a consensus rating of “Hold” and a consensus price target of $43.43.
The firm’s 50 day moving average is $41.18 and its 200-day moving average is $41.65. The stock has a market cap of $5.34 billion, a P/E ratio of 11.02 and a beta of 1.16.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/19/avnet-inc-avt-trading-7-7-higher.html

Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by $0.02. The business had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The firm’s revenue was down 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 EPS. On average, equities research analysts forecast that Avnet Inc. will post $4.20 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.73%. The ex-dividend date was Friday, September 2nd. Avnet’s dividend payout ratio (DPR) is presently 17.85%.
Several institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new position in shares of Avnet during the fourth quarter valued at about $53,901,000. Emerald Acquisition Ltd. purchased a new position in shares of Avnet during the second quarter valued at about $29,150,000. Thompson Siegel & Walmsley LLC boosted its position in shares of Avnet by 87.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,417,344 shares of the company’s stock valued at $57,417,000 after buying an additional 659,589 shares during the period. Vanguard Group Inc. boosted its position in shares of Avnet by 5.7% in the second quarter. Vanguard Group Inc. now owns 11,108,072 shares of the company’s stock valued at $449,988,000 after buying an additional 594,619 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Avnet by 112.3% in the second quarter. UBS Asset Management Americas Inc. now owns 833,522 shares of the company’s stock valued at $33,766,000 after buying an additional 440,847 shares during the period. Institutional investors own 94.69% of the company’s stock.
About Avnet
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.

Receive News & Ratings for Avnet Inc. Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Avnet Inc. and related companies with MarketBeat.com’s FREE daily email newsletter.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>