AVT has been the subject of a number of other reports. Bank of America Corporation cut shares of Avnet from a neutral rating to an underperform rating and dropped their price objective for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. BidaskClub raised shares of Avnet from a strong sell rating to a sell rating in a research note on Saturday, August 26th. Zacks Investment Research raised shares of Avnet from a hold rating to a buy rating and set a $45.00 price objective for the company in a research note on Tuesday, October 10th. Cross Research raised shares of Avnet from a sell rating to a hold rating in a research note on Friday, October 27th. Finally, Citigroup Inc. lifted 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. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Avnet has a consensus rating of Hold and an average target price of $40.29.
Shares of Avnet (NYSE AVT) traded down $0.35 during midday trading on Friday, reaching $38.86. 595,871 shares of the company’s stock were exchanged, compared to its average volume of 862,245. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78. The company has a market cap of $4,700.00, a P/E ratio of 12.17, a P/E/G ratio of 1.29 and a beta of 1.08. Avnet has a one year low of $35.67 and a one year high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. Avnet’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.91 EPS. equities analysts anticipate that Avnet will post 3.36 earnings per share for the current fiscal year.
Avnet declared that its board has approved a share repurchase program on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be paid a dividend of $0.18 per share. The ex-dividend date is Tuesday, December 5th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.85%. Avnet’s dividend payout ratio is presently 36.00%.
In related news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.65% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB boosted its position in Avnet by 2.7% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 17,083 shares of the technology company’s stock valued at $664,000 after buying an additional 446 shares during the period. Capstone Asset Management Co. boosted its position in Avnet by 5.0% in the 2nd quarter. Capstone Asset Management Co. now owns 18,216 shares of the technology company’s stock valued at $708,000 after buying an additional 866 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in Avnet by 524.8% in the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 20,820 shares of the technology company’s stock valued at $809,000 after buying an additional 17,488 shares during the period. LS Investment Advisors LLC boosted its position in Avnet by 10.0% in the 2nd quarter. LS Investment Advisors LLC now owns 14,144 shares of the technology company’s stock valued at $550,000 after buying an additional 1,290 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in Avnet by 0.3% in the 2nd quarter. Louisiana State Employees Retirement System now owns 32,600 shares of the technology company’s stock valued at $1,267,000 after buying an additional 100 shares during the period. 91.91% of the stock is owned by hedge funds and other institutional investors.
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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