Avnet Inc. (AVT) Trading Down 2.4%
Avnet Inc. (NYSE:AVT) shares fell 2.4% during trading on Tuesday . The company traded as low as $40.10 and last traded at $40.87, with a volume of 1,286,660 shares trading hands. The stock had previously closed at $41.89.
A number of research firms have commented on AVT. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating and reduced their price target for the stock from $47.00 to $44.00 in a research report on Tuesday. Brean Capital restated a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Citigroup Inc. raised their price target on shares of Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, August 11th. Finally, Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Avnet presently has a consensus rating of “Hold” and a consensus target price of $43.14.
The stock has a market cap of $5.14 billion, a price-to-earnings ratio of 10.61 and a beta of 1.16. The firm has a 50 day moving average price of $41.07 and a 200-day moving average price of $41.60.
Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 10th. The company reported $0.86 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The company had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period last year, the firm posted $1.16 EPS. The company’s revenue was down 8.4% compared to the same quarter last year. Equities analysts expect that Avnet Inc. will post $4.20 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio (DPR) is currently 17.85%.
A number of institutional investors have recently made changes to their positions in AVT. Macquarie Group Ltd. raised its position in shares of Avnet by 0.7% in the second quarter. Macquarie Group Ltd. now owns 306,406 shares of the company’s stock worth $12,412,000 after buying an additional 2,150 shares during the period. Nomura Holdings Inc. raised its position in shares of Avnet by 63.7% in the second quarter. Nomura Holdings Inc. now owns 9,500 shares of the company’s stock worth $386,000 after buying an additional 3,698 shares during the period. Mason Street Advisors LLC bought a new position in shares of Avnet during the second quarter worth about $2,374,000. Royal Bank of Canada raised its position in shares of Avnet by 67.9% in the second quarter. Royal Bank of Canada now owns 195,090 shares of the company’s stock worth $7,905,000 after buying an additional 78,873 shares during the period. Finally, Calvert Investment Management Inc. raised its position in shares of Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. 94.69% of the stock is currently owned by institutional investors and hedge funds.
Avnet Company Profile
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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