Avnet Inc. (AVT) Shares Gap Down to $39.95
Avnet Inc. (NYSE:AVT) shares gapped down before the market opened on Friday . The stock had previously closed at $39.62, but opened at $39.95. Avnet shares last traded at $41.16, with a volume of 458,140 shares.
AVT has been the topic of a number of recent analyst reports. Goldman Sachs Group Inc. raised Avnet from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $39.00 to $41.00 in a report on Tuesday, June 7th. SunTrust Banks Inc. reissued a “buy” rating on shares of Avnet in a report on Saturday, June 25th. Citigroup Inc. lowered Avnet from a “buy” rating to a “sell” rating in a report on Monday, May 2nd. Credit Agricole SA lowered Avnet from an “outperform” rating to an “underperform” rating in a report on Thursday, April 28th. Finally, Bank of America Corp. initiated coverage on Avnet in a report on Wednesday, April 27th. They set a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $45.14.
The firm’s 50 day moving average price is $41.08 and its 200-day moving average price is $41.47. The company has a market capitalization of $5.30 billion and a PE ratio of 9.81.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, April 28th. The company reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.98 by $0.03. During the same quarter in the prior year, the business earned $1.04 EPS. The company earned $6.17 billion during the quarter, compared to the consensus estimate of $6.31 billion. The firm’s revenue for the quarter was down 8.3% compared to the same quarter last year. Analysts anticipate that Avnet Inc. will post $4.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 20th. Stockholders 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 dividend yield of 1.65%.
Several hedge funds and institutional investors recently bought and sold shares of the stock. Liberty Mutual Group Asset Management Inc. raised its position in 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 raised its position in 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. raised its position in 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. Numeric Investors LLC bought a new position in Avnet during the fourth quarter worth $2,202,000. Finally, OppenheimerFunds Inc. raised its position in 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.
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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