Anixter International (NYSE:AXE) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Anixter International (NYSE:AXE) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. They currently have $80.00 target price on the technology company’s stock.

According to Zacks, “Anixter is a leading global distributor of Network & Security Solutions, Electrical & Electronic Solutions and Utility Power Solutions. They help build, connect, protect and power valuable assets and critical infrastructures. From enterprise networks to industrial MRO supply to video surveillance applications to electric power distribution, they offer full-line solutions, and intelligence, that create reliable, resilient systems that sustain businesses and communities. Through their unmatched global distribution network along with their supply chain and technical expertise, they help lower the cost, risk and complexity of their customers’ supply chains. “

AXE has been the topic of several other reports. TheStreet upgraded Anixter International from a c+ rating to a b- rating in a report on Monday, September 16th. Wells Fargo & Co upgraded Anixter International from a market perform rating to an outperform rating and boosted their price target for the stock from $70.00 to $90.00 in a report on Monday, September 23rd. Finally, ValuEngine upgraded Anixter International from a strong sell rating to a sell rating in a report on Thursday, September 5th.

Anixter International stock traded down $0.40 during midday trading on Wednesday, reaching $69.78. The company’s stock had a trading volume of 7,166 shares, compared to its average volume of 190,182. Anixter International has a 52 week low of $50.05 and a 52 week high of $71.33. The company has a current ratio of 2.08, a quick ratio of 1.16 and a debt-to-equity ratio of 0.87. The business has a 50-day moving average price of $67.17 and a 200-day moving average price of $61.02. The stock has a market cap of $2.40 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 1.28 and a beta of 1.92.

Anixter International (NYSE:AXE) last released its earnings results on Thursday, July 25th. The technology company reported $2.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.53 by $0.52. Anixter International had a return on equity of 13.80% and a net margin of 2.21%. The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.23 billion. During the same quarter in the previous year, the business posted $1.53 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts predict that Anixter International will post 6.93 EPS for the current fiscal year.

In other news, CEO William Galvin sold 6,676 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $69.50, for a total transaction of $463,982.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Ted A. Dosch sold 400 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.00, for a total value of $28,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,290 shares of company stock worth $6,862,902. Company insiders own 11.00% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System grew its holdings in Anixter International by 2.8% during the third quarter. Louisiana State Employees Retirement System now owns 11,100 shares of the technology company’s stock worth $767,000 after buying an additional 300 shares in the last quarter. Rhumbline Advisers grew its holdings in Anixter International by 8.7% during the third quarter. Rhumbline Advisers now owns 104,438 shares of the technology company’s stock worth $7,219,000 after buying an additional 8,387 shares in the last quarter. Bridge City Capital LLC grew its holdings in Anixter International by 27.8% during the third quarter. Bridge City Capital LLC now owns 42,007 shares of the technology company’s stock worth $2,904,000 after buying an additional 9,135 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Anixter International by 32.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,194 shares of the technology company’s stock worth $152,000 after buying an additional 537 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Anixter International by 3.0% during the third quarter. Envestnet Asset Management Inc. now owns 27,054 shares of the technology company’s stock worth $1,870,000 after buying an additional 778 shares in the last quarter. Institutional investors own 86.06% of the company’s stock.

Anixter International Company Profile

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable solutions, and utility power solutions worldwide. The company operates through Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS) segments.

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