Avnet, Inc. (AVT) Price Target Increased to $34.00 by Analysts at Citigroup Inc.
Avnet, Inc. (NYSE:AVT) had its price target hoisted by Citigroup Inc. from $31.00 to $34.00 in a research note published on Friday. Citigroup Inc. currently has a sell rating on the technology company’s stock.
A number of other research analysts have also weighed in on the company. Zacks Investment Research raised Avnet from a sell rating to a hold rating in a report on Tuesday, July 4th. BidaskClub raised Avnet from a hold rating to a buy rating in a report on Monday, July 3rd. Bank of America Corporation lowered Avnet from a neutral rating to an underperform rating and cut their price objective for the company from $44.00 to $40.00 in a report on Friday, July 14th. Deutsche Bank AG reissued a hold rating and issued a $39.00 price objective (down from $40.00) on shares of Avnet in a report on Thursday, August 10th. Finally, Stifel Nicolaus increased their price objective on Avnet from $40.00 to $42.00 and gave the company a hold rating in a report on Thursday, October 26th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $40.29.
Shares of Avnet (AVT) opened at 39.70 on Friday. The firm’s 50 day moving average price is $39.80 and its 200-day moving average price is $38.83. The company has a market capitalization of $4.89 billion, a P/E ratio of 9.72 and a beta of 1.07. Avnet has a 1-year low of $35.67 and a 1-year high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.91 earnings per share. Analysts expect that Avnet will post $3.38 EPS for the current year.
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In related news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of AVT. Weaver C. Barksdale & Associates Inc. grew its holdings in Avnet by 11.2% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after acquiring an additional 262 shares during the period. Pacad Investment Ltd. acquired a new stake in Avnet during the second quarter worth about $113,000. Daiwa Securities Group Inc. grew its holdings in Avnet by 21.9% during the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock worth $152,000 after acquiring an additional 700 shares during the period. Riverhead Capital Management LLC grew its holdings in Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after acquiring an additional 1,559 shares during the period. Finally, M&T Bank Corp acquired a new stake in Avnet during the second quarter worth about $208,000. 97.60% of the stock is currently owned by hedge funds and other 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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