BidaskClub Lowers Avnet, Inc. (AVT) to Strong Sell
Avnet, Inc. (NYSE:AVT) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Saturday.
AVT has been the subject of a number of other research reports. Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Citigroup Inc. reissued a “sell” rating and set a $31.00 target price on shares of Avnet in a research note on Friday, April 28th. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $42.22.
Avnet (NYSE AVT) traded down 0.18% on Friday, hitting $38.20. 869,465 shares of the company’s stock traded hands. Avnet has a one year low of $35.96 and a one year high of $51.50. The stock has a 50-day moving average of $38.94 and a 200-day moving average of $42.05. The stock has a market cap of $4.77 billion, a PE ratio of 9.18 and a beta of 1.04.
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In other Avnet news, CFO Kevin M. Moriarty acquired 6,933 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was bought at an average price of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director James A. Lawrence acquired 408,451 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the purchase, the director now owns 416,549 shares in the company, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. 1.47% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in AVT. Weaver C. Barksdale & Associates Inc. boosted 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 in the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares in the last quarter. CHICAGO TRUST Co NA acquired a new stake in shares of Avnet during the first quarter valued at about $215,000. Smith Salley & Associates acquired a new stake in shares of Avnet during the first quarter valued at about $216,000. Finally, BB&T Securities LLC acquired a new stake in shares of Avnet during the second quarter valued at about $218,000. 98.02% of the stock is owned by institutional investors.
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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