Avnet, Inc. (NYSE:AVT) has received an average rating of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $38.67.
Several research firms recently weighed in on AVT. Citigroup increased their price objective on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a research note on Friday. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th.
Avnet (NYSE:AVT) traded up $0.77 on Monday, reaching $41.80. 1,036,200 shares of the company traded hands, compared to its average volume of 1,025,150. The firm has a market capitalization of $5,054.77, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 1.37 and a beta of 1.09. Avnet has a 52-week low of $35.67 and a 52-week high of $48.20. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29.
Avnet declared that its board has approved a stock repurchase program on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Tuesday, December 5th. Avnet’s dividend payout ratio (DPR) is 17.96%.
In other news, CEO Amelio J. William bought 3,000 shares of the firm’s stock in a transaction on Friday, December 8th. The stock was purchased at an average price of $39.16 per share, for a total transaction of $117,480.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.65% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Pacad Investment Ltd. bought a new position in Avnet in the 2nd quarter worth about $113,000. Riverhead Capital Management LLC grew its position in Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares during the last quarter. Toronto Dominion Bank grew its position in Avnet by 233.3% in the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after purchasing an additional 3,695 shares during the last quarter. M&T Bank Corp bought a new position in shares of Avnet in the second quarter valued at approximately $208,000. Finally, Magnetar Financial LLC bought a new position in shares of Avnet in the third quarter valued at approximately $218,000. Hedge funds and other institutional investors own 95.95% of the company’s stock.
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Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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