Avnet, Inc. (NYSE:AVT) insider Kevin V. Summers sold 1,511 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total transaction of $61,452.37. Following the completion of the sale, the insider now directly owns 5,354 shares in the company, valued at approximately $217,747.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of Avnet, Inc. (NYSE AVT) opened at $42.26 on Friday. The stock has a market cap of $5,068.88, a price-to-earnings ratio of 11.71, a price-to-earnings-growth ratio of 1.35 and a beta of 1.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56. Avnet, Inc. has a twelve month low of $35.67 and a twelve month high of $47.08.
Avnet (NYSE:AVT) last announced its earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.72 by $0.06. The firm had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.77 EPS. equities analysts expect that Avnet, Inc. will post 3.48 earnings per share for the current year.
Avnet announced that its Board of Directors has authorized a share repurchase plan on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Pivotal Research assumed coverage on shares of Avnet in a report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 price target on the stock. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Finally, TheStreet lowered shares of Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $40.13.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC boosted its stake in shares of Avnet by 11.3% during the 4th quarter. Jane Street Group LLC now owns 12,428 shares of the technology company’s stock valued at $492,000 after purchasing an additional 1,262 shares in the last quarter. Brookstone Capital Management boosted its stake in shares of Avnet by 17.0% during the 3rd quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock valued at $344,000 after purchasing an additional 1,275 shares in the last quarter. Tyers Asset Management LLC boosted its stake in shares of Avnet by 23.5% during the 4th quarter. Tyers Asset Management LLC now owns 8,832 shares of the technology company’s stock valued at $350,000 after purchasing an additional 1,680 shares in the last quarter. Glenmede Trust Co. NA boosted its stake in shares of Avnet by 13.6% during the 4th quarter. Glenmede Trust Co. NA now owns 14,449 shares of the technology company’s stock valued at $571,000 after purchasing an additional 1,727 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of Avnet by 37.4% during the 4th quarter. Toronto Dominion Bank now owns 7,253 shares of the technology company’s stock valued at $287,000 after purchasing an additional 1,974 shares in the last quarter. 97.15% of the stock is currently owned by hedge funds and other institutional investors.
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Avnet Company Profile
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.
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