Avnet (NYSE:AVT) has been given a consensus rating of “Buy” by the seven analysts that are currently covering the company, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $45.40.
A number of research firms have commented on AVT. Raymond James reduced their price objective on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 9th. Bank of America reiterated a “buy” rating and set a $47.00 price objective (down from $50.00) on shares of Avnet in a research note on Friday, August 9th. Deutsche Bank began coverage on shares of Avnet in a research note on Tuesday, June 11th. They set a “hold” rating and a $44.00 price objective on the stock. TheStreet downgraded shares of Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Finally, SunTrust Banks reduced their price objective on shares of Avnet to $39.00 and set a “hold” rating on the stock in a research note on Monday, August 12th.
In other Avnet news, Director William H. Schumann sold 13,288 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total transaction of $595,036.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Philip R. Gallagher sold 24,184 shares of the stock in a transaction on Monday, September 9th. The shares were sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the transaction, the president now owns 51,878 shares in the company, valued at $2,279,519.32. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
AVT traded up $0.50 during trading hours on Friday, reaching $43.81. 384,316 shares of the stock traded hands, compared to its average volume of 710,818. The firm’s fifty day simple moving average is $42.78 and its two-hundred day simple moving average is $43.87. Avnet has a fifty-two week low of $33.55 and a fifty-two week high of $49.03.
Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, August 8th. The technology company reported $0.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.05). The company had revenue of $4.68 billion for the quarter, compared to analyst estimates of $4.61 billion. The company’s quarterly revenue was down 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.99 earnings per share.
Avnet declared that its board has approved a share buyback plan on Monday, August 19th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 11% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th were paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.92%. This is an increase from Avnet’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, September 10th.
Avnet Company Profile
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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