Avnet (NASDAQ:AVT) Shares Gap Up to $37.86

Avnet, Inc. (NASDAQ:AVTGet Rating) shares gapped up prior to trading on Monday . The stock had previously closed at $37.86, but opened at $38.72. Avnet shares last traded at $38.14, with a volume of 6,880 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. StockNews.com lowered shares of Avnet from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 11th. Wells Fargo & Company downgraded shares of Avnet from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $45.00 to $35.00 in a report on Friday, September 16th. JPMorgan Chase & Co. began coverage on Avnet in a research note on Thursday, July 14th. They issued an “underweight” rating and a $46.00 target price on the stock. The Goldman Sachs Group decreased their price target on shares of Avnet from $45.00 to $43.00 in a research note on Friday, July 15th. Finally, Citigroup lifted their price objective on Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 7th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Avnet currently has an average rating of “Hold” and an average target price of $45.00.

Avnet Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 2.09 and a quick ratio of 1.09. The stock’s 50 day moving average is $44.52 and its 200-day moving average is $44.66. The company has a market capitalization of $3.59 billion, a P/E ratio of 5.45, a P/E/G ratio of 0.22 and a beta of 1.29.

Avnet (NASDAQ:AVTGet Rating) last released its quarterly earnings results on Wednesday, August 10th. The company reported $2.07 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.11. The company had revenue of $6.37 billion for the quarter, compared to analyst estimates of $6.29 billion. Avnet had a return on equity of 16.47% and a net margin of 2.85%. The firm’s revenue was up 21.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.12 earnings per share. As a group, equities research analysts anticipate that Avnet, Inc. will post 6.83 earnings per share for the current year.

Avnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 28th. Stockholders of record on Wednesday, September 14th will be given a $0.29 dividend. The ex-dividend date is Tuesday, September 13th. This is an increase from Avnet’s previous quarterly dividend of $0.26. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.06%. Avnet’s dividend payout ratio is currently 16.69%.

Insider Buying and Selling

In related news, CFO Thomas Liguori sold 24,221 shares of the business’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $43.92, for a total transaction of $1,063,786.32. Following the sale, the chief financial officer now owns 54,287 shares of the company’s stock, valued at $2,384,285.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in AVT. JPMorgan Chase & Co. grew its stake in shares of Avnet by 262.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,119,812 shares of the company’s stock worth $46,170,000 after acquiring an additional 810,797 shares during the last quarter. Millennium Management LLC grew its position in Avnet by 51.8% during the 4th quarter. Millennium Management LLC now owns 1,277,300 shares of the company’s stock valued at $52,663,000 after purchasing an additional 435,711 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Avnet by 10.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,670,372 shares of the company’s stock valued at $189,576,000 after purchasing an additional 427,011 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in Avnet by 157.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 663,608 shares of the company’s stock valued at $28,456,000 after purchasing an additional 405,817 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Avnet by 134.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 694,879 shares of the company’s stock worth $28,649,000 after buying an additional 397,998 shares during the last quarter. Hedge funds and other institutional investors own 98.89% of the company’s stock.

About Avnet

(Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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