Avnet Inc. (AVT) Sees Unusually-High Trading Volume
Avnet Inc. (NYSE:AVT) saw an uptick in trading volume on Tuesday . 1,587,278 shares changed 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.
Several brokerages recently commented on AVT. Citigroup Inc. downgraded shares of Avnet from a “buy” rating to a “sell” rating in a research report on Monday, May 2nd. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 28th. Longbow Research downgraded shares of Avnet from a “buy” rating to a “neutral” rating in a report on Monday. Brean Capital downgraded shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, April 29th. Finally, Credit Agricole SA downgraded shares of Avnet from an “outperform” rating to an “underperform” rating in a report on Thursday, April 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $45.14.
The firm has a market cap of $5.14 billion and a P/E ratio of 9.521. The stock has a 50-day moving average price of $41.06 and a 200-day moving average price of $41.37.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, April 28th. The company reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.03. The firm earned $6.17 billion during the quarter, compared to the consensus estimate of $6.31 billion. During the same quarter in the prior year, the firm posted $1.04 earnings per share. The business’s revenue for the quarter was down 8.3% compared to the same quarter last year. On average, analysts expect that Avnet Inc. will post $4.24 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 20th. Shareholders of record on Tuesday, June 7th were issued a $0.17 dividend. The ex-dividend date was Friday, June 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.72%.
A number of institutional investors have recently made changes to their positions in the company. Liberty Mutual Group Asset Management Inc. increased its position in shares of Avnet by 51.3% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 86,682 shares of the company’s stock worth $3,714,000 after buying an additional 29,407 shares in the last quarter. Morgan Stanley increased its position in shares of Avnet by 89.5% in the fourth quarter. Morgan Stanley now owns 1,108,004 shares of the company’s stock worth $47,467,000 after buying an additional 523,162 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Avnet by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 9,970,774 shares of the company’s stock worth $427,148,000 after buying an additional 432,820 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Avnet by 11.3% in the fourth quarter. OppenheimerFunds Inc. now owns 402,159 shares of the company’s stock worth $17,231,000 after buying an additional 40,739 shares in the last quarter. Finally, Boston Partners increased its position in shares of Avnet by 7.7% in the fourth quarter. Boston Partners now owns 5,708,023 shares of the company’s stock worth $244,532,000 after buying an additional 406,921 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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