Avnet Inc. (NYSE:AVT) had its target price reduced by equities research analysts at Citigroup Inc. from $37.00 to $35.00 in a research report issued to clients and investors on Thursday. The firm presently has a “sell” rating on the stock. Citigroup Inc.’s price target points to a potential downside of 13.47% from the company’s current price.
AVT has been the topic of a number of other reports. Stifel Nicolaus cut shares of Avnet from a “buy” rating to a “hold” rating and reduced their price objective for the company from $47.00 to $44.00 in a research note on Tuesday, September 20th. SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Friday, July 8th. Goldman Sachs Group Inc. raised shares of Avnet from a “sell” rating to a “neutral” rating and raised their price objective for the company from $39.00 to $41.00 in a research note on Tuesday, June 7th. Finally, Brean Capital reaffirmed a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company’s stock. Avnet currently has a consensus rating of “Hold” and a consensus price target of $42.88.
Shares of Avnet (NYSE:AVT) opened at 40.45 on Thursday. The company has a 50-day moving average of $41.11 and a 200-day moving average of $41.56. Avnet has a one year low of $37.10 and a one year high of $46.95. The company has a market capitalization of $5.15 billion, a PE ratio of 10.64 and a beta of 1.16.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The business earned $6.20 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the business posted $1.16 earnings per share. Avnet’s revenue was down 8.4% compared to the same quarter last year. On average, analysts anticipate that Avnet will post $4.25 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a dividend of $0.17 per share. 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 1.68%. Avnet’s payout ratio is 17.85%.
Several large investors have recently modified their holdings of AVT. NN Investment Partners Holdings N.V. bought a new stake in shares of Avnet during the first quarter worth approximately $816,000. JPMorgan Chase & Co. raised its stake in shares of Avnet by 60.3% in the first quarter. JPMorgan Chase & Co. now owns 744,226 shares of the company’s stock worth $32,970,000 after buying an additional 280,086 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Avnet by 5.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,508,667 shares of the company’s stock worth $199,734,000 after buying an additional 235,891 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Avnet by 2.2% in the first quarter. BlackRock Group LTD now owns 860,181 shares of the company’s stock worth $38,106,000 after buying an additional 18,385 shares during the last quarter. Finally, Teachers Advisors Inc. raised its stake in shares of Avnet by 4.0% in the first quarter. Teachers Advisors Inc. now owns 186,624 shares of the company’s stock worth $8,267,000 after buying an additional 7,239 shares during the last quarter. Institutional investors and hedge funds own 94.67% of the company’s stock.
Avnet Company Profile
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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