Avnet (NYSE:AVT) Upgraded to “Neutral” by Goldman Sachs Group

Avnet (NYSE:AVT) was upgraded by research analysts at Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research report issued on Friday, January 5th, Marketbeat Ratings reports. The firm currently has a $38.00 target price on the technology company’s stock. Goldman Sachs Group’s target price indicates a potential downside of 8.98% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Citigroup upped their price objective on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research report on Friday, October 27th. Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Finally, Stifel Nicolaus raised their target price on shares of Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $39.57.

Shares of Avnet (NYSE AVT) traded down $0.03 on Friday, hitting $41.75. The stock had a trading volume of 971,193 shares, compared to its average volume of 739,198. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29. Avnet has a fifty-two week low of $35.67 and a fifty-two week high of $48.20. The firm has a market cap of $5,052.35, a P/E ratio of 12.85, a P/E/G ratio of 1.37 and a beta of 1.09.

Avnet (NYSE:AVT) last issued its earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.71 by $0.05. The company had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.91 EPS. sell-side analysts anticipate that Avnet will post 3.36 EPS for the current fiscal year.

Avnet announced that its board has initiated a stock buyback program on Friday, November 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

In other news, CEO Amelio J. William purchased 3,000 shares of Avnet stock in a transaction that occurred on Friday, December 8th. The shares were acquired at an average price of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.65% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Pacad Investment Ltd. acquired a new position in shares of Avnet during the second quarter worth $113,000. Riverhead Capital Management LLC lifted its holdings in shares of Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares during the period. Toronto Dominion Bank lifted its holdings in shares of Avnet by 233.3% during the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after purchasing an additional 3,695 shares during the period. M&T Bank Corp acquired a new position in shares of Avnet during the second quarter worth $208,000. Finally, BB&T Securities LLC acquired a new position in shares of Avnet during the second quarter worth $218,000. Hedge funds and other institutional investors own 95.95% of the company’s stock.

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About Avnet

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Analyst Recommendations for Avnet (NYSE:AVT)

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