Credit Agricole SA Analysts Give Avnet Inc. (AVT) a $43.00 Price Target
Avnet Inc. (NYSE:AVT) has been assigned a $43.00 price target by stock analysts at Credit Agricole SA in a research note issued to investors on Tuesday. The firm presently has a a “sell” rating on the stock. Credit Agricole SA’s price target indicates a potential upside of 6.62% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Cross Research cut shares of Avnet from a “hold” rating to a “sell” rating in a research report on Tuesday. Stifel Nicolaus cut shares of Avnet from a “buy” rating to a “hold” rating and reduced their target price for the company from $47.00 to $44.00 in a research report on Tuesday. Brean Capital reissued a “hold” rating on shares of Avnet in a research report on Thursday, August 11th. Citigroup Inc. upped their price objective 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 cut 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 assigned a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $43.13.
Shares of Avnet (NYSE:AVT) traded up 0.89% during midday trading on Tuesday, reaching $40.69. 490,791 shares of the company’s stock were exchanged. Avnet has a 12 month low of $37.10 and a 12 month high of $46.95. The stock has a market cap of $5.18 billion, a PE ratio of 10.71 and a beta of 1.16. The company’s 50 day moving average is $41.05 and its 200-day moving average is $41.58.
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. The business earned $6.20 billion during the quarter, compared to the consensus estimate of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The company’s revenue was down 8.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.16 EPS. Equities analysts forecast that Avnet will post $4.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.69%. The ex-dividend date was Friday, September 2nd. Avnet’s payout ratio is 17.85%.
A number of hedge funds and other institutional investors have recently modified their holdings of AVT. Weaver C. Barksdale & Associates Inc. increased its position in shares of Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock valued at $118,000 after buying an additional 388 shares during the last quarter. Invictus RG purchased a new position in Avnet during the second quarter valued at about $132,000. Boston Private Wealth LLC increased its position in Avnet by 10.8% in the second quarter. Boston Private Wealth LLC now owns 5,475 shares of the company’s stock valued at $222,000 after buying an additional 533 shares in the last quarter. CIBC Asset Management Inc increased its position in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock valued at $228,000 after buying an additional 108 shares in the last quarter. Finally, Gerstein Fisher purchased a new position in Avnet during the second quarter valued at about $257,000. 94.67% of the stock is owned by hedge funds and other institutional investors.
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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