Avnet (NYSE:AVT) has been assigned a consensus rating of “Hold” from the eight ratings firms that are presently covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $45.40.
AVT has been the topic of a number of research analyst reports. TheStreet cut shares of Avnet from a “b” rating to a “c+” rating in a report on Thursday, August 8th. SunTrust Banks cut their price objective on shares of Avnet to $39.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Bank of America reissued a “buy” rating and set a $47.00 price objective (down previously from $50.00) on shares of Avnet in a report on Friday, August 9th. Raymond James cut their price objective on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, August 9th. Finally, Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a report on Friday, October 4th.
Shares of Avnet stock opened at $41.37 on Wednesday. Avnet has a 52-week low of $33.55 and a 52-week high of $49.03. The company has a 50 day moving average of $42.63 and a 200 day moving average of $43.63.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.03%. This is a boost from Avnet’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, September 10th.
Avnet declared that its Board of Directors has approved a share repurchase plan on Monday, August 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
In other news, President Philip R. Gallagher sold 24,184 shares of Avnet stock in a transaction on Monday, September 9th. The shares were sold at an average price of $43.94, for a total value of $1,062,644.96. Following the transaction, the president now directly owns 51,878 shares of the company’s stock, valued at approximately $2,279,519.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Schumann sold 13,288 shares of Avnet stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total transaction of $595,036.64. The disclosure for this sale can be found here. Insiders own 1.65% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in AVT. FMR LLC increased its stake in Avnet by 38.0% in the 1st quarter. FMR LLC now owns 3,261,312 shares of the technology company’s stock valued at $141,443,000 after buying an additional 897,230 shares during the period. Nuveen Asset Management LLC increased its stake in Avnet by 122.6% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,114,689 shares of the technology company’s stock valued at $50,461,000 after buying an additional 613,901 shares during the period. Westfield Capital Management Co. LP boosted its position in shares of Avnet by 53.1% during the 2nd quarter. Westfield Capital Management Co. LP now owns 921,010 shares of the technology company’s stock worth $41,694,000 after purchasing an additional 319,590 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Avnet by 13.7% during the 2nd quarter. AQR Capital Management LLC now owns 2,141,651 shares of the technology company’s stock worth $95,903,000 after purchasing an additional 257,966 shares in the last quarter. Finally, APG Asset Management N.V. boosted its position in shares of Avnet by 182.2% during the 2nd quarter. APG Asset Management N.V. now owns 241,143 shares of the technology company’s stock worth $9,586,000 after purchasing an additional 155,700 shares in the last quarter. 96.44% of the stock is currently owned by institutional investors.
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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