Brokerages Set Avnet (NYSE:AVT) PT at $43.00

Avnet (NYSE:AVT) has been assigned a consensus rating of “Hold” from the eight research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $43.00.

A number of equities research analysts have commented on the company. Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, October 4th. TheStreet cut Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Bank of America cut Avnet from a “buy” rating to a “neutral” rating and set a $44.00 price objective for the company. in a research note on Friday, October 25th. Raymond James set a $45.00 price objective on Avnet and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, SunTrust Banks cut Avnet from a “hold” rating to a “sell” rating and reduced their price objective for the company from $39.00 to $35.00 in a research note on Friday, October 25th.

NYSE AVT traded down $0.22 during trading hours on Friday, hitting $40.40. 536,846 shares of the company’s stock were exchanged, compared to its average volume of 788,068. The stock has a 50-day simple moving average of $40.72 and a 200 day simple moving average of $42.72. Avnet has a 1-year low of $33.55 and a 1-year high of $49.03.

Avnet (NYSE:AVT) last released its earnings results on Thursday, October 24th. The technology company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.65 by ($0.05). The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same period in the prior year, the company earned $1.03 earnings per share. Avnet’s revenue for the quarter was down 9.0% compared to the same quarter last year.

Avnet announced that its Board of Directors has approved a share buyback plan on Monday, August 19th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the technology company to buy up to 11% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In related news, President Philip R. Gallagher sold 24,184 shares of Avnet stock in a transaction that occurred on Monday, September 9th. The stock was 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 of the company’s stock, valued at $2,279,519.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William H. Schumann sold 13,288 shares of Avnet stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total value of $595,036.64. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Lenox Wealth Management Inc. purchased a new position in shares of Avnet during the third quarter valued at approximately $31,000. Wealthcare Advisory Partners LLC lifted its holdings in Avnet by 1,687.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock worth $32,000 after acquiring an additional 658 shares during the period. Whittier Trust Co. of Nevada Inc. bought a new stake in Avnet during the third quarter worth $38,000. Advisory Services Network LLC lifted its holdings in Avnet by 41.2% during the second quarter. Advisory Services Network LLC now owns 1,282 shares of the technology company’s stock worth $58,000 after acquiring an additional 374 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in Avnet during the second quarter worth $74,000. 96.44% of the stock is currently owned by institutional investors.

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.

See Also: Why are gap-down stocks important?

Analyst Recommendations for Avnet (NYSE:AVT)

Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.