Avnet, Inc. (AVT) Given Consensus Recommendation of “Hold” by Analysts

Avnet, Inc. (AVT) Given Consensus Recommendation of “Hold” by Analysts

Avnet, Inc. (NYSE:AVT) has been assigned an average recommendation of “Hold” from the eleven brokerages that are currently covering the stock. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $41.71.

Several analysts recently commented on AVT shares. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Monday, January 30th. Goldman Sachs Group Inc cut shares of Avnet from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $47.00 to $43.00 in a research note on Wednesday, March 1st. SunTrust Banks, Inc. cut shares of Avnet from a “buy” rating to a “hold” rating and reduced their price objective for the company from $53.00 to $39.00 in a research note on Friday, April 28th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Finally, Citigroup Inc reiterated a “sell” rating and issued a $31.00 price objective on shares of Avnet in a research note on Friday, April 28th.

In other Avnet news, insider Maryann G. Miller sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $47.00, for a total transaction of $235,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.47% of the company’s stock.

A number of institutional investors have recently bought and sold shares of AVT. Pzena Investment Management LLC increased its position in Avnet by 6.7% in the first quarter. Pzena Investment Management LLC now owns 5,450,045 shares of the technology company’s stock valued at $249,394,000 after buying an additional 341,284 shares during the period. Longview Partners Guernsey LTD increased its position in Avnet by 2.1% in the third quarter. Longview Partners Guernsey LTD now owns 3,724,884 shares of the technology company’s stock valued at $152,944,000 after buying an additional 76,695 shares during the period. Prudential PLC increased its position in Avnet by 4.2% in the fourth quarter. Prudential PLC now owns 3,175,400 shares of the technology company’s stock valued at $151,181,000 after buying an additional 128,000 shares during the period. Thompson Siegel & Walmsley LLC increased its position in Avnet by 1.1% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 1,790,688 shares of the technology company’s stock valued at $85,255,000 after buying an additional 19,805 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Avnet by 4.6% in the first quarter. Bank of New York Mellon Corp now owns 1,635,931 shares of the technology company’s stock valued at $74,861,000 after buying an additional 71,960 shares during the period. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Avnet (NYSE:AVT) traded up 1.30% during mid-day trading on Monday, hitting $37.28. 2,434,763 shares of the stock were exchanged. The company has a 50-day moving average price of $43.30 and a 200-day moving average price of $45.21. Avnet has a one year low of $36.61 and a one year high of $51.50. The company has a market cap of $4.79 billion, a P/E ratio of 8.96 and a beta of 1.16.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, April 27th. The technology company reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. Avnet had a net margin of 1.88% and a return on equity of 9.80%. The firm earned $4.44 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter last year, the business earned $1.01 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. Analysts forecast that Avnet will post $3.20 earnings per share for the current fiscal year.

About Avnet

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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