A number of other equities analysts have also commented on the stock. Goldman Sachs Group upgraded shares of Avnet from a sell rating to a neutral rating and set a $38.00 price target on the stock in a report on Friday, January 5th. 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 research note on Friday, December 1st. TheStreet raised shares of Avnet from a c rating to a b- rating in a research note on Friday, November 10th. Finally, Cross Research raised shares of Avnet from a sell rating to a hold rating in a research note on Friday, October 27th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Avnet currently has an average rating of Hold and a consensus price target of $39.57.
Shares of Avnet (AVT) traded up $1.96 during trading hours on Friday, hitting $43.28. 1,537,118 shares of the stock were exchanged, compared to its average volume of 605,614. The firm has a market capitalization of $4,996.72, a price-to-earnings ratio of 10.79, a PEG ratio of 1.35 and a beta of 1.09. The company has a current ratio of 2.78, a quick ratio of 1.63 and a debt-to-equity ratio of 0.29. Avnet has a 52 week low of $35.67 and a 52 week high of $48.20.
Avnet declared that its Board of Directors has authorized a share repurchase program on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, CEO Amelio J. William bought 3,000 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was acquired at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.65% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC increased its stake in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after purchasing an additional 1,559 shares in the last quarter. Oakbrook Investments LLC bought a new stake in Avnet in the fourth quarter valued at $202,000. Toronto Dominion Bank increased its stake in Avnet by 233.3% in the third quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after purchasing an additional 3,695 shares in the last quarter. M&T Bank Corp bought a new stake in Avnet in the second quarter valued at $208,000. Finally, Magnetar Financial LLC bought a new stake in Avnet in the third quarter valued at $218,000. 95.93% of the stock is owned by hedge funds and other institutional investors.
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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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