Pivotal Research initiated coverage on shares of Avnet (NYSE:AVT) in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage issued a hold rating and a $44.00 price target on the technology company’s stock.
Other equities research analysts have also recently issued research reports about the stock. Citigroup boosted their target price on shares of Avnet from $31.00 to $34.00 and gave the company a sell rating in a research report on Friday, October 27th. Goldman Sachs Group raised shares of Avnet from a sell rating to a neutral rating and set a $38.00 target price for the company in a research report on Friday, January 5th. Longbow Research raised shares of Avnet from a neutral rating to a buy rating in a research report on Friday, January 19th. ValuEngine raised shares of Avnet from a hold rating to a buy rating in a research report on Friday, December 1st. Finally, Cross Research raised shares of Avnet from a sell rating to a hold rating in a research report on Friday, October 27th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $40.13.
Shares of Avnet (NYSE:AVT) opened at $42.26 on Tuesday. The stock has a market cap of $5,083.28, a PE ratio of 13.00, a PEG ratio of 1.35 and a beta of 1.02. Avnet has a 52-week low of $35.67 and a 52-week high of $47.08. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. The company had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. Avnet’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.77 earnings per share. sell-side analysts forecast that Avnet will post 3.48 EPS for the current year.
Avnet announced that its board has authorized a stock buyback program on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be given a dividend of $0.19 per share. This is a boost from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date is Monday, March 12th. This represents a $0.76 annualized dividend and a yield of 1.80%. Avnet’s dividend payout ratio is currently 19.94%.
In related news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total transaction of $61,452.37. Following the completion of the sale, the insider now owns 5,354 shares of the company’s stock, valued at $217,747.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amelio J. William bought 3,000 shares of the stock in a transaction on Friday, December 8th. The shares were acquired at an average cost of $39.16 per share, with a total value of $117,480.00. The disclosure for this purchase can be found here. Corporate insiders own 1.65% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in Avnet by 68.1% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,900 shares of the technology company’s stock worth $313,000 after acquiring an additional 3,200 shares in the last quarter. MetLife Investment Advisors LLC acquired a new position in Avnet during the fourth quarter worth about $3,031,000. Glenmede Trust Co. NA raised its stake in Avnet by 13.6% during the fourth quarter. Glenmede Trust Co. NA now owns 14,449 shares of the technology company’s stock worth $571,000 after acquiring an additional 1,727 shares in the last quarter. Jane Street Group LLC raised its stake in Avnet by 11.3% during the fourth quarter. Jane Street Group LLC now owns 12,428 shares of the technology company’s stock worth $492,000 after acquiring an additional 1,262 shares in the last quarter. Finally, Verition Fund Management LLC raised its stake in Avnet by 63.6% during the fourth quarter. Verition Fund Management LLC now owns 23,029 shares of the technology company’s stock worth $912,000 after acquiring an additional 8,956 shares in the last quarter. 97.15% of the stock is owned by hedge funds and other institutional investors.
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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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