Anixter International (AXE) Lowered 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. “

A number of other equities research analysts also recently issued reports on AXE. TheStreet downgraded shares of Anixter International from a b- rating to a c+ rating in a report on Monday, December 10th. ValuEngine downgraded shares of Anixter International from a sell rating to a strong sell rating in a report on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $85.50.

Shares of Anixter International stock opened at $57.08 on Wednesday. Anixter International has a 12-month low of $56.25 and a 12-month high of $88.85. The stock has a market capitalization of $1.91 billion, a PE ratio of 10.00, a PEG ratio of 1.24 and a beta of 2.07. 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 (NYSE:AXE) last announced its quarterly earnings results on Tuesday, October 23rd. The technology company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.04. Anixter International had a net margin of 1.39% and a return on equity of 12.90%. The firm had revenue of $2.18 billion for the quarter, compared to the consensus estimate of $2.11 billion. During the same period in the prior year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, analysts anticipate that Anixter International will post 5.75 earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Schwab Charles Investment Management Inc. lifted its holdings in shares of Anixter International by 6.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 182,240 shares of the technology company’s stock worth $11,536,000 after buying an additional 11,254 shares in the last quarter. Federated Investors Inc. PA lifted its holdings in shares of Anixter International by 19.6% in the second quarter. Federated Investors Inc. PA now owns 61,915 shares of the technology company’s stock worth $3,919,000 after buying an additional 10,135 shares in the last quarter. Bridgewater Associates LP bought a new position in shares of Anixter International in the second quarter worth approximately $208,000. Mutual of America Capital Management LLC increased its position in shares of Anixter International by 17.1% in the second quarter. Mutual of America Capital Management LLC now owns 60,037 shares of the technology company’s stock worth $3,800,000 after purchasing an additional 8,785 shares during the last quarter. Finally, James Investment Research Inc. bought a new position in shares of Anixter International in the third quarter worth approximately $2,046,000. 88.93% of the stock is currently owned by hedge funds and other institutional investors.

Anixter International Company Profile

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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