Avnet Inc. (AVT) Sees Large Volume Increase
Shares of Avnet Inc. (NYSE:AVT) saw unusually-high trading volume on Tuesday . Approximately 1,587,278 shares traded hands during trading, an increase of 33% from the previous session’s volume of 1,192,814 shares.The stock last traded at $39.69 and had previously closed at $38.80.
AVT has been the topic of a number of research analyst reports. Goldman Sachs Group Inc. raised shares of Avnet from a “sell” rating to a “neutral” rating and upped their price target for the company from $39.00 to $41.00 in a research report on Tuesday, June 7th. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Credit Agricole SA cut shares of Avnet from an “outperform” rating to an “underperform” rating in a research report on Thursday, April 28th. Citigroup Inc. cut shares of Avnet from a “buy” rating to a “sell” rating in a research report on Monday, May 2nd. Finally, SunTrust Banks Inc. reaffirmed a “buy” rating on shares of Avnet in a research report on Saturday, June 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $45.14.
The firm has a 50 day moving average price of $41.08 and a 200-day moving average price of $41.38. The firm has a market cap of $5.10 billion and a P/E ratio of 9.43.
Avnet (NYSE:AVT) last issued its earnings results on Thursday, April 28th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.03. The business earned $6.17 billion during the quarter, compared to analysts’ expectations of $6.31 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Avnet’s revenue for the quarter was down 8.3% compared to the same quarter last year. Equities research analysts expect that Avnet Inc. will post $4.27 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, June 20th. Investors of record on Tuesday, June 7th were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, June 3rd.
Other institutional investors have modified their holdings of the company. SECOR Capital Advisors LP boosted its position in shares of Avnet by 1.9% in the fourth quarter. SECOR Capital Advisors LP now owns 23,334 shares of the company’s stock worth $1,000,000 after buying an additional 425 shares during the last quarter. Aviance Capital Partners LLC boosted its position in Avnet by 13.4% in the fourth quarter. Aviance Capital Partners LLC now owns 27,455 shares of the company’s stock worth $1,176,000 after buying an additional 3,243 shares during the last quarter. Twin Capital Management Inc. boosted its position in Avnet by 51.0% in the fourth quarter. Twin Capital Management Inc. now owns 43,430 shares of the company’s stock worth $1,861,000 after buying an additional 14,660 shares during the last quarter. GAM Holding AG boosted its position in Avnet by 2.6% in the fourth quarter. GAM Holding AG now owns 44,145 shares of the company’s stock worth $1,891,000 after buying an additional 1,133 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in Avnet during the fourth quarter worth about $1,906,000.
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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