AVX (NYSE:AVX) Rating Lowered to Sell at Zacks Investment Research

AVX (NYSE:AVX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday, Zacks.com reports.

According to Zacks, “AVX Corporation is a leading worldwide manufacturer and supplier of a broad line of passive electronic components and related products. The company’s passive electronic component sales include ceramic and tantalum capacitors, both in leaded and surface-mount versions, film capacitors, ferrites, varistors and non-linear resistors manufactured in the company’s facilities. The company also manufactures and sells electronic connectors and distributes and sells certain connectors. “

Separately, ValuEngine upgraded shares of Valmont Industries from a “sell” rating to a “hold” rating in a report on Friday, July 12th.

Shares of NYSE AVX opened at $15.89 on Monday. AVX has a 52-week low of $14.21 and a 52-week high of $21.48. The company has a 50 day simple moving average of $15.95. The firm has a market cap of $2.68 billion, a PE ratio of 9.87 and a beta of 1.15.

AVX (NYSE:AVX) last posted its quarterly earnings data on Monday, April 22nd. The electronics maker reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.02. The company had revenue of $439.00 million during the quarter, compared to analysts’ expectations of $449.00 million. AVX had a net margin of 15.17% and a return on equity of 11.74%. AVX’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.19 earnings per share. On average, equities research analysts expect that AVX will post 1.16 earnings per share for the current fiscal year.

In other AVX news, SVP Evan M. Slavitt sold 8,000 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $16.14, for a total value of $129,120.00. Following the transaction, the senior vice president now directly owns 28,872 shares of the company’s stock, valued at $465,994.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.40% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in AVX. Investors Research Corp purchased a new stake in AVX during the first quarter worth about $29,000. PNC Financial Services Group Inc. increased its holdings in AVX by 1,007.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,717 shares of the electronics maker’s stock worth $30,000 after buying an additional 1,562 shares during the last quarter. Advisor Group Inc. increased its holdings in AVX by 117.8% during the fourth quarter. Advisor Group Inc. now owns 2,428 shares of the electronics maker’s stock worth $37,000 after buying an additional 1,313 shares during the last quarter. Quantamental Technologies LLC purchased a new position in shares of AVX in the first quarter worth about $49,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of AVX in the first quarter worth about $107,000. 25.16% of the stock is currently owned by hedge funds and other institutional investors.

About AVX

AVX Corporation, together with its subsidiaries, manufactures, supplies, and resells various electronic components, interconnect devices, sensing and control devices, and related products worldwide. The company operates through three segments: Electronic Components; Interconnect, Sensing and Control Devices; and Kyocera Electronic Devices Resale.

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