Avnet (NYSE:AVT) was downgraded by investment analysts at Longbow Research from a “buy” rating to a “neutral” rating in a research report issued on Friday, Briefing.com Automated Import reports.
Several other research analysts have also weighed in on AVT. Raymond James cut their target price on Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, August 9th. Bank of America reaffirmed a “buy” rating and issued a $47.00 target price (down from $50.00) on shares of Avnet in a research report on Friday, August 9th. Deutsche Bank assumed coverage on Avnet in a report on Tuesday, June 11th. They issued a “hold” rating and a $44.00 price target for the company. TheStreet downgraded Avnet from a “b” rating to a “c+” rating in a report on Thursday, August 8th. Finally, SunTrust Banks lowered their price target on Avnet to $39.00 and set a “hold” rating for the company in a report on Monday, August 12th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $45.50.
Shares of AVT traded down $5.24 during trading hours on Friday, hitting $38.57. The stock had a trading volume of 26,875 shares, compared to its average volume of 710,818. The company’s fifty day simple moving average is $42.78 and its 200 day simple moving average is $43.87. Avnet has a 12-month low of $33.55 and a 12-month high of $49.03.
Avnet announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 19th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 11% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In other news, President Philip R. Gallagher sold 24,184 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the completion of the sale, the president now directly owns 51,878 shares in the company, valued at $2,279,519.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Schumann sold 13,288 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total value of $595,036.64. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Wealthcare Advisory Partners LLC grew its stake in shares of Avnet by 1,687.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock valued at $32,000 after acquiring an additional 658 shares in the last quarter. Advisory Services Network LLC lifted its position in shares of Avnet by 1,178.9% during the first quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after purchasing an additional 837 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Avnet during the second quarter worth about $74,000. US Bancorp DE lifted its position in shares of Avnet by 39.2% during the second quarter. US Bancorp DE now owns 2,888 shares of the technology company’s stock worth $131,000 after purchasing an additional 813 shares during the last quarter. Finally, NumerixS Investment Technologies Inc lifted its position in shares of Avnet by 40.9% during the second quarter. NumerixS Investment Technologies Inc now owns 3,100 shares of the technology company’s stock worth $140,000 after purchasing an additional 900 shares during the last quarter. Institutional investors own 96.44% of the company’s stock.
Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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