Shares of Avnet Inc. (NYSE:AVT) gapped up before the market opened on Thursday . The stock had previously closed at $39.07, but opened at $39.20. Avnet shares last traded at $39.69, with a volume of 413,467 shares traded.

A number of analysts recently commented on AVT shares. Goldman Sachs Group Inc. upgraded Avnet from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $39.00 to $41.00 in a report on Tuesday, June 7th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, June 28th. Credit Agricole SA lowered Avnet from an “outperform” rating to an “underperform” rating in a report on Thursday, April 28th. Citigroup Inc. lowered Avnet from a “buy” rating to a “sell” rating in a report on Monday, May 2nd. Finally, SunTrust Banks Inc. reiterated a “buy” rating on shares of Avnet in a report on Saturday, June 25th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $46.00.

The company has a market cap of $5.13 billion and a P/E ratio of 9.50. The stock’s 50 day moving average price is $41.01 and its 200-day moving average price is $41.49.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, April 28th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.03. During the same quarter in the previous year, the company earned $1.04 EPS. The company earned $6.17 billion during the quarter, compared to analysts’ expectations of $6.31 billion. The business’s quarterly revenue was down 8.3% on a year-over-year basis. Equities research analysts anticipate that Avnet Inc. will post $4.35 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Tuesday, June 7th were paid a $0.17 dividend. The ex-dividend date of this dividend was Friday, June 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.70%.

Several hedge funds recently bought and sold shares of AVT. Victory Capital Management Inc. increased its stake in Avnet by 28.0% in the fourth quarter. Victory Capital Management Inc. now owns 1,244,943 shares of the company’s stock valued at $53,333,000 after buying an additional 272,084 shares during the last quarter. OppenheimerFunds Inc. increased its stake in shares of Avnet by 11.3% in the fourth quarter. OppenheimerFunds Inc. now owns 402,159 shares of the company’s stock valued at $17,231,000 after buying an additional 40,739 shares in the last quarter. Teacher Retirement System of Texas increased its stake in shares of Avnet by 0.7% in the fourth quarter. Teacher Retirement System of Texas now owns 77,943 shares of the company’s stock valued at $3,339,000 after buying an additional 535 shares in the last quarter. Point View Wealth Management Inc. increased its stake in shares of Avnet by 4.9% in the fourth quarter. Point View Wealth Management Inc. now owns 25,626 shares of the company’s stock valued at $1,098,000 after buying an additional 1,194 shares in the last quarter. Finally, Stevens Capital Management LP increased its stake in shares of Avnet by 298.4% in the fourth quarter. Stevens Capital Management LP now owns 82,590 shares of the company’s stock valued at $3,538,000 after buying an additional 61,859 shares in the last quarter.

Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.

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