Anixter International (AXE) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Anixter International (NYSE:AXE) from a hold rating to a sell rating in a report published on Wednesday morning.

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. “

Several other brokerages have also recently issued reports on AXE. ValuEngine upgraded shares of Anixter International from a strong sell rating to a sell rating in a report on Friday, October 26th. TheStreet upgraded shares of Anixter International from a c+ rating to a b rating in a report on Wednesday, October 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $85.50.

Shares of Anixter International stock opened at $63.28 on Wednesday. The company has a current ratio of 1.60, a quick ratio of 0.90 and a debt-to-equity ratio of 0.58. Anixter International has a 1 year low of $56.25 and a 1 year high of $88.85. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.37 and a beta of 2.08.

Anixter International (NYSE:AXE) last issued its earnings results on Tuesday, October 23rd. The technology company reported $1.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.04. Anixter International had a net margin of 1.39% and a return on equity of 12.90%. The company had revenue of $2.18 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same period in the prior year, the business earned $1.30 EPS. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. As a group, equities research analysts forecast that Anixter International will post 5.75 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. grew its holdings in Anixter International by 33.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,917 shares of the technology company’s stock worth $185,000 after acquiring an additional 727 shares in the last quarter. Bridgewater Associates LP purchased a new stake in shares of Anixter International during the second quarter valued at about $208,000. Hsbc Holdings PLC purchased a new stake in shares of Anixter International during the third quarter valued at about $215,000. Jane Street Group LLC purchased a new stake in shares of Anixter International during the third quarter valued at about $264,000. Finally, BlueMountain Capital Management LLC purchased a new stake in shares of Anixter International during the third quarter valued at about $307,000. Institutional investors own 90.94% of the company’s stock.

About Anixter International

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable products, and utility power solutions. Its Network & Security Solutions segment offers copper and fiber optic cable and connectivity, access control, video surveillance, intrusion and fire/life safety, cabinet, power, cable management, wireless, professional audio/video, voice and networking switche, and other ancillary products for technology, finance, telecommunications service provider, transportation, education, government, healthcare, and retail industries.

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