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.
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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.
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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