Avnet Inc. (AVT) Shares Gap Up to $39.20
Avnet Inc. (NYSE:AVT)’s share price 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.
AVT has been the subject of several analyst reports. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, March 29th. Bank of America Corp. started coverage on Avnet in a report on Wednesday, April 27th. They set a “neutral” rating on the stock. Credit Agricole SA cut Avnet from an “outperform” rating to an “underperform” rating in a report on Thursday, April 28th. Brean Capital cut Avnet from a “buy” rating to a “hold” rating in a report on Friday, April 29th. Finally, Citigroup Inc. cut Avnet from a “buy” rating to a “sell” rating in a report on Monday, May 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $45.14.
The stock has a market cap of $5.30 billion and a PE ratio of 9.81. The company’s 50 day moving average is $41.08 and its 200-day moving average is $41.47.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, April 28th. The company reported $1.01 EPS for the quarter, beating the 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. Avnet’s revenue for the quarter was down 8.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.04 earnings per share. On average, equities analysts expect that Avnet Inc. will post $4.35 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 20th. Stockholders of record on Tuesday, June 7th were given a dividend of $0.17 per share. The ex-dividend date was Friday, June 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.65%.
Other institutional investors recently modified their holdings of 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 during the period. Russell Frank Co increased its position in shares of Avnet by 52.6% in the fourth quarter. Russell Frank Co now owns 475,937 shares of the company’s stock worth $20,826,000 after buying an additional 164,137 shares during the period. 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 during the period. 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 during the period. Finally, Numeric Investors LLC bought a new position in shares of Avnet during the fourth quarter worth about $2,202,000.
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.