A number of other equities analysts have also recently weighed in on the stock. Cross Research cut shares of Avnet from a hold rating to a sell rating in a research report on Tuesday, September 20th. Stifel Nicolaus lowered shares of Avnet from a buy rating to a hold rating and dropped their price objective for the stock from $47.00 to $44.00 in a report on Tuesday, September 20th. Brean Capital restated a hold rating on shares of Avnet in a report on Thursday, August 11th. Citigroup Inc. raised their price objective on shares of Avnet from $31.00 to $37.00 and gave the stock a sell rating in a report on Thursday, August 11th. Finally, Zacks Investment Research lowered shares of Avnet from a buy rating to a hold rating in a report on Wednesday, July 13th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $42.88.
Shares of Avnet (NYSE:AVT) opened at 40.45 on Tuesday. Avnet has a 12-month low of $37.10 and a 12-month 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. The firm’s 50-day moving average is $41.11 and its 200-day moving average is $41.56.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.21 billion. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.16 earnings per share. On average, equities research analysts anticipate that Avnet will post $4.25 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were paid a $0.17 dividend. The ex-dividend date was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.68%. Avnet’s payout ratio is currently 17.85%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. increased its position in shares of Avnet by 0.7% in the second quarter. Macquarie Group Ltd. now owns 306,406 shares of the company’s stock worth $12,412,000 after buying an additional 2,150 shares during the period. Nomura Holdings Inc. increased its position in shares of Avnet by 63.7% in the second quarter. Nomura Holdings Inc. now owns 9,500 shares of the company’s stock worth $386,000 after buying an additional 3,698 shares during the period. Mason Street Advisors LLC purchased a new position in shares of Avnet during the second quarter worth approximately $2,374,000. Royal Bank of Canada increased its position in shares of Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock worth $7,905,000 after buying an additional 78,873 shares during the period. Finally, Calvert Investment Management Inc. increased its position in shares of Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. 94.67% of the stock is owned by institutional investors.
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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