Trade Report: The Avnet Inc. (AVT) Upgraded at Raymond James Financial Inc.

The Avnet Inc. (AVT) Upgraded at Raymond James Financial Inc.

Raymond James Financial Inc. upgraded shares of Avnet Inc. (NYSE:AVT) from an outperform rating to a strong-buy rating in a research note issued to investors on Tuesday morning. Raymond James Financial Inc. currently has $52.00 target price on the stock.

A number of other equities research analysts also recently issued reports on the stock. Citigroup Inc. decreased their price target on shares of Avnet from $37.00 to $35.00 and set a sell rating on the stock in a research note on Thursday, September 22nd. Credit Agricole SA set a $43.00 price target on shares of Avnet and gave the company a sell rating in a research note on Tuesday, September 20th. Cross Research downgraded shares of Avnet from a hold rating to a sell rating in a research note on Tuesday, September 20th. Stifel Nicolaus downgraded shares of Avnet from a buy rating to a hold rating and decreased their price target for the company from $47.00 to $44.00 in a research note on Tuesday, September 20th. Finally, Brean Capital reaffirmed a hold rating on shares of Avnet in a research note on Thursday, August 11th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Avnet has a consensus rating of Hold and an average price target of $43.89.

Shares of Avnet (NYSE:AVT) opened at 42.59 on Tuesday. The stock has a market capitalization of $5.42 billion, a PE ratio of 11.21 and a beta of 1.27. The stock has a 50 day moving average of $41.14 and a 200 day moving average of $41.43. Avnet has a 52-week low of $37.10 and a 52-week high of $46.95.

Avnet (NYSE:AVT) last released its earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a return on equity of 11.99% and a net margin of 1.93%. The company earned $6.20 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period last year, the firm posted $1.16 EPS. Avnet’s quarterly revenue was down 8.4% compared to the same quarter last year. Analysts forecast that Avnet will post $4.25 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 16th. Shareholders of record on Wednesday, September 7th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Friday, September 2nd. Avnet’s dividend payout ratio (DPR) is 17.85%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. World Asset Management Inc boosted its position in Avnet by 0.9% in the second quarter. World Asset Management Inc now owns 8,529 shares of the company’s stock worth $346,000 after buying an additional 72 shares during the period. Calvert Investment Management Inc. boosted its position in Avnet by 1.5% in the second quarter. Calvert Investment Management Inc. now owns 7,165 shares of the company’s stock worth $290,000 after buying an additional 107 shares during the period. CIBC Asset Management Inc boosted its position in Avnet by 2.0% in the second quarter. CIBC Asset Management Inc now owns 5,637 shares of the company’s stock worth $228,000 after buying an additional 108 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its position in Avnet by 1.4% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,447 shares of the company’s stock worth $382,000 after buying an additional 127 shares during the period. Finally, Breton Hill Capital Ltd. boosted its position in Avnet by 0.7% in the second quarter. Breton Hill Capital Ltd. now owns 22,140 shares of the company’s stock worth $897,000 after buying an additional 161 shares during the period. Institutional investors and hedge funds own 94.79% of the company’s stock.

Avnet Company Profile

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