Avnet, Inc. (AVT) Downgraded to “Underperform” at Bank of America Corporation
Bank of America Corporation cut shares of Avnet, Inc. (NYSE:AVT) from a neutral rating to an underperform rating in a research report sent to investors on Friday morning, Marketbeat.com reports. They currently have $40.00 target price on the technology company’s stock, down from their previous target price of $44.00.
A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research cut shares of Avnet from a hold rating to a strong sell rating in a research note on Tuesday, May 2nd. Deutsche Bank AG reissued a hold rating and issued a $40.00 price target (down previously from $47.00) on shares of Avnet in a research note on Saturday, April 29th. Citigroup Inc. reissued a sell rating and issued a $31.00 price target on shares of Avnet in a research note on Friday, April 28th. SunTrust Banks, Inc. cut shares of Avnet from a buy rating to a hold rating and dropped their price target for the company from $53.00 to $39.00 in a research note on Friday, April 28th. Finally, Longbow Research cut shares of Avnet from a buy rating to a neutral rating in a research note on Friday, April 28th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $42.22.
Avnet (NYSE AVT) traded up 0.76% during trading on Friday, hitting $39.93. 746,532 shares of the stock traded hands. The stock has a market cap of $4.99 billion, a P/E ratio of 9.60 and a beta of 1.04. Avnet has a 52-week low of $35.96 and a 52-week high of $51.50. The stock has a 50 day moving average price of $37.78 and a 200-day moving average price of $43.47.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, April 27th. The technology company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a net margin of 2.83% and a return on equity of 9.24%. The business’s revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $1.01 EPS. On average, analysts anticipate that Avnet will post $3.17 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, June 19th. Shareholders of record on Tuesday, June 6th were issued a $0.18 dividend. The ex-dividend date was Friday, June 2nd. This represents a $0.72 dividend on an annualized basis and a yield of 1.80%. Avnet’s payout ratio is currently 17.27%.
In related news, Director James A. Lawrence purchased 408,451 shares of Avnet stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the acquisition, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin M. Moriarty purchased 6,933 shares of Avnet stock in a transaction dated Thursday, May 18th. The shares were bought at an average price of $36.08 per share, for a total transaction of $250,142.64. The disclosure for this purchase can be found here. 1.47% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. raised its stake in shares of Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after buying an additional 262 shares during the period. CHICAGO TRUST Co NA bought a new stake in shares of Avnet during the first quarter valued at about $215,000. Smith Salley & Associates bought a new stake in shares of Avnet during the first quarter valued at about $216,000. Anchor Capital Advisors LLC raised its stake in shares of Avnet by 8.4% in the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock valued at $219,000 after buying an additional 370 shares during the period. Finally, Bellwether Investment Group LLC raised its stake in shares of Avnet by 16.1% in the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock valued at $243,000 after buying an additional 735 shares during the period. Institutional investors and hedge funds own 98.50% of the company’s stock.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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