Anixter International Inc. (AXE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Anixter International Inc. (NYSE:AXE) from a hold rating to a sell rating in a research note released on Thursday.

According to Zacks, “Anixter International Inc. is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS). The NSS segment’s product portfolio includes access control, power, cable management, wireless, professional audio/video, voice and networking switches, and other ancillary products. The EES segment’s product portfolio includes electrical and electronic wire and cable, shipboard cable, support and supply products, low-voltage cable, instrumentation cable, industrial communication and control products, security cable, connectors, industrial Ethernet switches, and voice and data cable. The UPS segment supplies electrical transmission and distribution products, power plant maintenance, repair and operations supplies, and smart-grid products. “

AXE has been the topic of a number of other reports. Robert W. Baird restated a hold rating and issued a $86.00 price target on shares of Anixter International in a research note on Friday, September 1st. Wells Fargo & Company restated a market perform rating and issued a $82.00 price target (down from $89.00) on shares of Anixter International in a research note on Wednesday, July 12th. Wolfe Research initiated coverage on shares of Anixter International in a research note on Tuesday, July 11th. They issued an outperform rating and a $88.00 price target on the stock. Finally, BidaskClub lowered shares of Anixter International from a sell rating to a strong sell rating in a report on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $86.00.

Anixter International (NYSE AXE) opened at 68.90 on Thursday. The company’s 50-day moving average is $81.54 and its 200 day moving average is $78.29. Anixter International has a one year low of $63.40 and a one year high of $88.60. The company has a market capitalization of $2.29 billion, a P/E ratio of 15.74 and a beta of 2.03.

Anixter International (NYSE:AXE) last announced its quarterly earnings data on Tuesday, October 24th. The technology company reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.21). The firm had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.06 billion. Anixter International had a return on equity of 12.52% and a net margin of 1.86%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.38 earnings per share. Analysts predict that Anixter International will post $5.03 EPS for the current year.

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In other Anixter International news, CEO Robert J. Eck sold 2,600 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $86.23, for a total transaction of $224,198.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP William Standish sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $74.70, for a total transaction of $74,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 24,000 shares of company stock valued at $4,195 and have sold 30,200 shares valued at $2,488,458. 14.70% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Anixter International by 44,948.8% during the 1st quarter. BlackRock Inc. now owns 3,703,911 shares of the technology company’s stock worth $293,721,000 after purchasing an additional 3,695,689 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Anixter International by 4.5% during the 2nd quarter. Vanguard Group Inc. now owns 2,949,688 shares of the technology company’s stock worth $230,666,000 after buying an additional 126,313 shares during the period. Alliancebernstein L.P. grew its position in shares of Anixter International by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 1,456,881 shares of the technology company’s stock worth $113,928,000 after buying an additional 81,578 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Anixter International by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,315,781 shares of the technology company’s stock worth $102,894,000 after buying an additional 100,300 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Anixter International by 12.2% during the 3rd quarter. Victory Capital Management Inc. now owns 979,820 shares of the technology company’s stock worth $83,284,000 after buying an additional 106,813 shares during the period. Hedge funds and other institutional investors own 85.37% of the company’s stock.

About Anixter International

Anixter International Inc is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS).

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