Stock Mover of the Day: Could Avnet, Inc. Change Direction After Today’s Big Increase?

Stock Mover of the Day: Could Avnet, Inc. Change Direction After Today's Big Increase?

The stock of Avnet, Inc. (NYSE:AVT) is a huge mover today! About 570,319 shares traded hands. Avnet, Inc. (NYSE:AVT) has declined 3.11% since March 1, 2016 and is downtrending. It has underperformed by 12.35% the S&P500.
The move comes after 8 months positive chart setup for the $5.38 billion company. It was reported on Oct, 4 by Barchart.com. We have $60.36 PT which if reached, will make NYSE:AVT worth $2.21 billion more.

Analysts await Avnet, Inc. (NYSE:AVT) to report earnings on November, 3. They expect $0.89 earnings per share, down 20.54% or $0.23 from last year’s $1.12 per share. AVT’s profit will be $111.85 million for 12.03 P/E if the $0.89 EPS becomes a reality. After $0.86 actual earnings per share reported by Avnet, Inc. for the previous quarter, Wall Street now forecasts 3.49% EPS growth.

Avnet, Inc. (NYSE:AVT) Ratings Coverage

Out of 7 analysts covering Avnet Inc. (NYSE:AVT), 1 rate it a “Buy”, 2 “Sell”, while 4 “Hold”. This means 14% are positive. $50 is the highest target while $35 is the lowest. The $41.80 average target is -2.36% below today’s ($42.81) stock price. Avnet Inc. has been the topic of 13 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating by Stifel Nicolaus given on Tuesday, September 20. Citigroup maintained it with “Sell” rating and $35 target price in Thursday, September 22 report. The rating was upgraded by Goldman Sachs to “Neutral” on Tuesday, June 7. The firm has “Sell” rating by Cross Research given on Tuesday, September 20. The firm has “Buy” rating given on Friday, January 22 by Longbow. As per Wednesday, April 27, the company rating was initiated by Bank of America. The stock of Avnet, Inc. (NYSE:AVT) earned “Sell” rating by Citigroup on Thursday, August 11. The stock of Avnet, Inc. (NYSE:AVT) has “Hold” rating given on Friday, April 29 by Brean Capital.

According to Zacks Investment Research, “Avnet Inc. is one of the world’s largest industrial distributors of electronic components and computer products. The company is a vital link in the chain that connects suppliers of semiconductors, interconnect products, passive and electromechanical devices to original equipment manufacturers and contract manufacturers that design and build the electronic equipment for end-market use, and to other industrial customers. The company markets, distributes and optimizes the supply-chain and provides design-chain services for the products of the world’s leading electronic component suppliers, enterprise computer manufacturers and embedded subsystem providers. Avnet brings a breadth and depth of capabilities, such as maximizing inventory efficiency, managing logistics, assembling products and providing engineering design assistance for its one lakhs customers, accelerating their growth through cost-effective, value-added services and solutions.”

Insitutional Activity: The institutional sentiment decreased to 0.89 in Q2 2016. Its down 0.03, from 0.92 in 2016Q1. The ratio fall, as 44 funds sold all Avnet, Inc. shares owned while 125 reduced positions. 26 funds bought stakes while 125 increased positions. They now own 118.58 million shares or 5.22% less from 125.12 million shares in 2016Q1.
Her Majesty The Queen In Right Of The Province Of Alberta As Represented By Alberta Inv Mngmt reported 30,000 shares or 0.01% of all its holdings. Moreover, Automobile Association has 0% invested in Avnet, Inc. (NYSE:AVT) for 12,970 shares. The Pennsylvania-based Federated Invsts Inc Pa has invested 0.07% in Avnet, Inc. (NYSE:AVT). Moreover, Neuberger Berman Lc has 0.01% invested in Avnet, Inc. (NYSE:AVT) for 144,678 shares. Heartland has 5,843 shares for 0.01% of their US portfolio. The Ohio-based Huntington Savings Bank has invested 0% in Avnet, Inc. (NYSE:AVT). Principal Group accumulated 947,092 shares or 0.05% of the stock. Moreover, Mitsubishi Ufj And Banking Corp has 0.02% invested in Avnet, Inc. (NYSE:AVT) for 274,579 shares. The Ontario – Canada-based Fincl Bank Of Montreal Can has invested 0.01% in Avnet, Inc. (NYSE:AVT). Rothschild Asset Mgmt holds 287,394 shares or 0.21% of its portfolio. Goldman Sachs, a New York-based fund reported 1.95M shares. Raymond James & Assocs, a Florida-based fund reported 192,704 shares. Ent Fin Corporation reported 378 shares or 0.01% of all its holdings. Wells Fargo Co Mn reported 46,251 shares or 0% of all its holdings. Westwood Holdings Grp Inc has 235,341 shares for 0.08% of their US portfolio.

More news for Avnet, Inc. (NYSE:AVT) were recently published by: Benzinga.com, which released: “Mid-Morning Market Update: Markets Open Higher; Darden Profit Beats Estimates” on October 04, 2016. Bloomberg.com‘s article titled: “Tech Data to Buy Avnet’s IT Solutions Group; Shares Surge” and published on September 19, 2016 is yet another important article.

AVT Company Profile

Avnet, Inc. (Avnet), incorporated on July 22, 1955, is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology (IT) solutions and services, and embedded subsystems. The Firm operates through two divisions: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets. The TS segment focuses on the distribution of enterprise computing servers and systems, software, storage, services and solutions from the technology manufacturers and software developers. The TS segment also provides hard disk drives, microprocessor, motherboard and dynamic random access memory (DRAM) module technologies to manufacturers of general-purpose computers and system builders.

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