Anixter International Inc. (NYSE:AXE) Lifted to Hold at Zacks Investment Research

Anixter International Inc. (NYSE:AXE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday, September 11th.

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 research firms have also issued reports on AXE. Robert W. Baird reiterated a “hold” rating and set a $86.00 price objective on shares of Anixter International in a research note on Friday, September 1st. BidaskClub lowered shares of Anixter International from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 5th. Wolfe Research began coverage on shares of Anixter International in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $88.00 price target for the company. Finally, Wells Fargo & Company restated a “market perform” rating and issued a $82.00 price target (down previously from $89.00) on shares of Anixter International in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. Anixter International currently has a consensus rating of “Hold” and an average target price of $86.00.

Anixter International (NYSE AXE) opened at 79.45 on Monday. Anixter International has a one year low of $58.99 and a one year high of $88.00. The company has a market cap of $2.64 billion, a P/E ratio of 18.15 and a beta of 1.98. The company has a 50-day moving average of $74.37 and a 200 day moving average of $77.51.

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

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In other news, CEO Robert J. Eck sold 13,600 shares of the business’s stock in a transaction on Thursday, September 21st. The shares were sold at an average price of $80.00, for a total transaction of $1,088,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William Standish sold 1,000 shares of the business’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $77.55, for a total transaction of $77,550.00. The disclosure for this sale can be found here. In the last three months, insiders have bought 560,277 shares of company stock valued at $42,813,566 and have sold 16,600 shares valued at $1,317,200. Insiders own 14.70% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisor Group Inc. raised its stake in shares of Anixter International by 110.9% during the second quarter. Advisor Group Inc. now owns 1,354 shares of the technology company’s stock valued at $106,000 after purchasing an additional 712 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Anixter International during the first quarter valued at about $144,000. SG Americas Securities LLC bought a new stake in shares of Anixter International during the second quarter valued at about $158,000. Riverhead Capital Management LLC raised its stake in shares of Anixter International by 77.6% during the second quarter. Riverhead Capital Management LLC now owns 2,131 shares of the technology company’s stock valued at $167,000 after purchasing an additional 931 shares in the last quarter. Finally, Flinton Capital Management LLC raised its stake in shares of Anixter International by 64.0% during the second quarter. Flinton Capital Management LLC now owns 2,788 shares of the technology company’s stock valued at $218,000 after purchasing an additional 1,088 shares in the last quarter. Institutional investors and hedge funds own 85.53% of the company’s stock.

About Anixter International

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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