Avnet, Inc. (NYSE:AVT) insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $42.00, for a total transaction of $600,264.00. Following the sale, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Avnet, Inc. (NYSE:AVT) opened at $42.62 on Friday. The stock has a market cap of $5,018.51, a P/E ratio of 11.81, a P/E/G ratio of 1.33 and a beta of 1.02. Avnet, Inc. has a 12-month low of $35.67 and a 12-month high of $47.08. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. The business had revenue of $4.52 billion during the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.77 EPS. analysts anticipate that Avnet, Inc. will post 3.48 earnings per share for the current year.
Avnet declared that its board has initiated a share buyback program on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
A number of analysts have recently weighed in on the stock. Pivotal Research assumed coverage on shares of Avnet in a report on Tuesday, February 13th. They set a “hold” rating and a $44.00 price target for the company. TheStreet raised shares of Avnet from a “c” rating to a “b-” rating in a report on Friday, November 10th. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Goldman Sachs Group raised shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price target for the company in a report on Friday, January 5th. Finally, Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. 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. Avnet has an average rating of “Hold” and a consensus target price of $40.13.
A number of hedge funds have recently added to or reduced their stakes in AVT. Balter Liquid Alternatives LLC acquired a new position in Avnet during the 4th quarter worth approximately $136,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Avnet during the 4th quarter worth approximately $170,000. Robeco Institutional Asset Management B.V. increased its position in Avnet by 136.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,633 shares of the technology company’s stock worth $184,000 after purchasing an additional 2,677 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Avnet by 135.0% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,977 shares of the technology company’s stock worth $198,000 after purchasing an additional 2,859 shares in the last quarter. Finally, Oakbrook Investments LLC acquired a new position in Avnet during the 4th quarter worth approximately $202,000. Institutional investors and hedge funds own 96.58% of the company’s stock.
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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