Avnet Inc. (AVT) Stock Price Down 3.8%
Shares of Avnet Inc. (NYSE:AVT) fell 3.8% during mid-day trading on Monday . The company traded as low as $38.79 and last traded at $39.67, with a volume of 1,337,089 shares traded. The stock had previously closed at $41.25.
A number of brokerages recently issued reports on AVT. Longbow Research lowered shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Monday. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Friday. SunTrust Banks Inc. restated a “buy” rating on shares of Avnet in a research note on Saturday, June 25th. Goldman Sachs Group Inc. upgraded shares of Avnet from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $39.00 to $41.00 in a research note on Tuesday, June 7th. Finally, Citigroup Inc. lowered shares of Avnet from a “buy” rating to a “sell” rating in a research note on Monday, May 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.14.
The company has a 50-day moving average price of $41.08 and a 200-day moving average price of $41.47. The firm has a market capitalization of $4.99 billion and a PE ratio of 9.23.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, April 28th. The company reported $1.01 EPS for the quarter, beating the Thomson Reuters’ 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. The company’s quarterly revenue was down 8.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.04 EPS. On average, analysts forecast that Avnet Inc. will post $4.35 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 20th. Shareholders 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 yield of 1.75%.
A number of large investors recently made changes to their positions in AVT. Neuberger Berman Group LLC boosted its stake in shares of Avnet by 51.3% in the fourth quarter. Neuberger Berman Group LLC now owns 169,640 shares of the company’s stock worth $7,267,000 after buying an additional 57,523 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Avnet by 5.9% in the fourth quarter. Nationwide Fund Advisors now owns 243,341 shares of the company’s stock worth $10,425,000 after buying an additional 13,622 shares during the last quarter. Numeric Investors LLC bought a new stake in shares of Avnet during the fourth quarter worth about $2,202,000. Swiss National Bank boosted its stake in shares of Avnet by 0.6% in the fourth quarter. Swiss National Bank now owns 243,932 shares of the company’s stock worth $10,450,000 after buying an additional 1,500 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Avnet by 4.1% in the fourth quarter. Sei Investments Co. now owns 60,198 shares of the company’s stock worth $2,579,000 after buying an additional 2,365 shares during 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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