Anixter International Inc. (AXE) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of Anixter International Inc. (NYSE:AXE) from a hold rating to a sell rating in a report issued on Friday, July 14th.

According to Zacks, “Anixter International Inc. is a leading global distributor of communication products used in building enterprise and service provider data, voice and video networks. In addition, Anixter is a leading distributor of specialty wire and cable products to original equipment manufacturers and to industrial companies for maintenance and repair operations. “

A number of other equities analysts have also recently issued reports on AXE. Wolfe Research started coverage on Anixter International in a report on Tuesday, July 11th. They set an outperform rating and a $88.00 target price on the stock. Wells Fargo & Company started coverage on Anixter International in a report on Tuesday, March 21st. They set a market perform rating on the stock. Finally, BidaskClub upgraded Anixter International from a sell rating to a hold rating in a report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $86.00.

Anixter International (AXE) opened at 77.70 on Friday. Anixter International has a 12-month low of $58.55 and a 12-month high of $88.00. The firm’s 50-day moving average is $78.37 and its 200 day moving average is $79.56. The stock has a market capitalization of $2.58 billion, a P/E ratio of 17.75 and a beta of 1.98.

Anixter International (NYSE:AXE) last posted its quarterly earnings results on Tuesday, July 25th. The technology company reported $1.36 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.36. The business had revenue of $2 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Anixter International had a return on equity of 13.09% and a net margin of 1.91%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.32 earnings per share. Equities research analysts anticipate that Anixter International will post $5.35 earnings per share for the current year.

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In other news, Director Samuel Zell bought 526,277 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were acquired at an average price of $81.34 per share, with a total value of $42,807,371.18. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP William Standish sold 1,000 shares of Anixter International stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $76.20, for a total value of $76,200.00. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 556,277 shares of company stock worth $42,812,881 and have sold 3,000 shares worth $232,350. Company insiders own 14.70% of the company’s stock.

A number of large investors have recently made changes to their positions in AXE. Acrospire Investment Management LLC raised its stake in shares of Anixter International by 100.0% in the first quarter. Acrospire Investment Management LLC now owns 1,600 shares of the technology company’s stock worth $127,000 after buying an additional 800 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Anixter International during the first quarter worth about $144,000. SG Americas Securities LLC purchased a new stake in shares of Anixter International during the second quarter worth about $158,000. Cigna Investments Inc. New purchased a new stake in shares of Anixter International during the second quarter worth about $220,000. Finally, Invictus RG purchased a new stake in shares of Anixter International during the first quarter worth about $230,000. 86.46% of the stock is currently owned by institutional investors and hedge funds.

Anixter International Company Profile

Anixter International Inc is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS).

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