Avnet (NYSE:AVT) Receives Consensus Rating of “Hold” from Analysts

Avnet (NYSE:AVT) has been assigned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $48.25.

A number of brokerages have recently issued reports on AVT. Citigroup set a $221.00 price objective on 3M and gave the stock a “buy” rating in a research note on Friday, April 26th. Zacks Investment Research cut German American Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. TheStreet upgraded Medpace from a “c” rating to a “b-” rating in a research note on Wednesday, April 10th. Finally, Deutsche Bank set a $60.00 price objective on Taubman Centers and gave the stock a “hold” rating in a research note on Tuesday, June 11th.

Shares of NYSE:AVT traded up $0.15 during trading on Friday, hitting $43.44. 226,235 shares of the company’s stock traded hands, compared to its average volume of 697,721. Avnet has a 52 week low of $33.55 and a 52 week high of $49.40. The firm has a 50-day simple moving average of $43.52.

Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. The business had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.75 billion. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.02 EPS.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend was Tuesday, June 4th.

In related news, Director James A. Lawrence sold 20,620 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $45.20, for a total transaction of $932,024.00. Following the transaction, the director now directly owns 500,000 shares of the company’s stock, valued at approximately $22,600,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth A. Jacobson sold 7,796 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $47.92, for a total value of $373,584.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 215,911 shares of company stock worth $10,207,871. Company insiders own 1.65% of the company’s stock.

Several hedge funds have recently bought and sold shares of AVT. Foster & Motley Inc. lifted its position in shares of Avnet by 12.7% during the 2nd quarter. Foster & Motley Inc. now owns 30,508 shares of the technology company’s stock valued at $1,381,000 after acquiring an additional 3,440 shares during the period. Smith Salley & Associates bought a new stake in shares of Avnet during the 2nd quarter valued at $204,000. DNB Asset Management AS lifted its position in shares of Avnet by 128.6% during the 2nd quarter. DNB Asset Management AS now owns 59,200 shares of the technology company’s stock valued at $2,681,000 after acquiring an additional 33,300 shares during the period. First Trust Advisors LP bought a new stake in shares of Avnet during the 1st quarter valued at $4,080,000. Finally, FMR LLC lifted its position in shares of Avnet by 38.0% during the 1st quarter. FMR LLC now owns 3,261,312 shares of the technology company’s stock valued at $141,443,000 after acquiring an additional 897,230 shares during the period. 96.44% of the stock is currently owned by institutional investors and hedge funds.

About Avnet

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

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