Avnet (NYSE:AVT) was upgraded by research analysts at Pivotal Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, June 15th, MarketBeat reports. The brokerage currently has a $50.00 target price on the technology company’s stock, up from their prior target price of $42.00. Pivotal Research’s price objective suggests a potential upside of 16.58% from the company’s previous close.
Several other equities research analysts also recently commented on the stock. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Thursday, April 12th. Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 25th. Goldman Sachs Group lowered shares of Avnet from a “neutral” rating to a “sell” rating in a research note on Thursday, May 31st. TheStreet lowered shares of Avnet from a “b” rating to a “c+” rating in a research note on Wednesday, May 2nd. Finally, ValuEngine downgraded shares of Avnet from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $41.14.
NYSE AVT opened at $42.89 on Friday. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 1.08 and a beta of 0.99. Avnet has a 52 week low of $35.67 and a 52 week high of $44.85. The company has a quick ratio of 1.58, a current ratio of 2.75 and a debt-to-equity ratio of 0.30.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, April 26th. The technology company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.06. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The company had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.83 billion. During the same period in the prior year, the business posted $0.88 EPS. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities analysts expect that Avnet will post 3.52 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new stake in shares of Avnet during the 1st quarter worth about $103,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of Avnet by 135.0% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,977 shares of the technology company’s stock worth $198,000 after purchasing an additional 2,859 shares in the last quarter. BlueCrest Capital Management Ltd acquired a new stake in shares of Avnet during the 4th quarter worth about $257,000. Nuveen Asset Management LLC acquired a new stake in shares of Avnet during the 1st quarter worth about $295,000. Finally, Toronto Dominion Bank increased its position in shares of Avnet by 37.4% during the 4th quarter. Toronto Dominion Bank now owns 7,253 shares of the technology company’s stock worth $287,000 after purchasing an additional 1,974 shares in the last quarter. 96.44% of the stock is owned by institutional investors.
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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