Price Action Don’t Lie: Is Avnet, Inc.’s Fuel Running Low? The Stock Reaches 52-Week High Today

Price Action Don't Lie: Is Avnet, Inc.'s Fuel Running Low? The Stock Reaches 52 Week High Today

The stock of Avnet, Inc. (NYSE:AVT) hit a new 52-week high and has $47.53 target or 3.00% above today’s $46.15 share price. The 5 months bullish chart indicates low risk for the $5.99 billion company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $47.53 price target is reached, the company will be worth $179.70M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 189,428 shares traded hands. Avnet, Inc. (NYSE:AVT) has risen 5.10% since April 21, 2016 and is uptrending. It has underperformed by 0.23% the S&P500.

Analysts await Avnet, Inc. (NYSE:AVT) to report earnings on January, 26. They expect $0.75 earnings per share, down 38.52% or $0.47 from last year’s $1.22 per share. AVT’s profit will be $97.35 million for 15.38 P/E if the $0.75 EPS becomes a reality. After $0.91 actual earnings per share reported by Avnet, Inc. for the previous quarter, Wall Street now forecasts -17.58% negative 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. Avnet Inc. has been the topic of 14 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock has “Sell” rating given by Citigroup on Thursday, September 22. On Tuesday, September 20 the stock rating was downgraded by Stifel Nicolaus to “Hold”. The stock has “Sell” rating given by Cross Research on Tuesday, September 20. The firm has “Buy” rating by Longbow given on Friday, January 22. Citigroup maintained it with “Sell” rating and $37 target price in Thursday, August 11 report. The stock of Avnet, Inc. (NYSE:AVT) has “Buy” rating given on Friday, October 21 by Longbow. Bank of America initiated the stock with “Neutral” rating in Wednesday, April 27 report. Goldman Sachs upgraded the stock to “Neutral” rating in Tuesday, June 7 report. The company was downgraded 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 increased to 0.98 in 2016 Q2. Its up 0.09, from 0.89 in 2016Q1. The ratio is positive, 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.
Moreover, Group Inc Inc Inc has 0% invested in Avnet, Inc. (NYSE:AVT) for 248,972 shares. Moreover, Archford Strategies Limited Liability Com has 0% invested in Avnet, Inc. (NYSE:AVT) for 225 shares. Acadian Asset Mgmt Limited Com has 28,251 shares for 0.01% of their US portfolio. Janus Cap Mgmt Ltd Company accumulated 303,600 shares or 0.01% of the stock. Cetera Advsrs Ltd Liability Corporation last reported 0.03% of its portfolio in the stock. Raymond James Fincl Advsrs Inc holds 0.01% of its portfolio in Avnet, Inc. (NYSE:AVT) for 13,749 shares. Iat Reinsurance owns 69,000 shares or 1.94% of their US portfolio. Geode Cap Mgmt last reported 0.02% of its portfolio in the stock. Pzena Invest Management Limited Liability has invested 1.1% of its portfolio in Avnet, Inc. (NYSE:AVT). Wright Investors Service holds 0.15% of its portfolio in Avnet, Inc. (NYSE:AVT) for 9,245 shares. Robeco Institutional Asset Management Bv has invested 0% of its portfolio in Avnet, Inc. (NYSE:AVT). Next holds 0% of its portfolio in Avnet, Inc. (NYSE:AVT) for 17 shares. Mirae Asset Invests holds 21,210 shares or 0.02% of its portfolio. Dekabank Deutsche Girozentrale last reported 0.02% of its portfolio in the stock. Schwartz Counsel holds 0.31% of its portfolio in Avnet, Inc. (NYSE:AVT) for 105,000 shares.

More recent Avnet, Inc. (NYSE:AVT) news were published by: Businesswire.com which released: “Avnet Acquires Hackster Inc.” on November 14, 2016. Also Businesswire.com published the news titled: “Avnet Education Services Named a Top 20 IT Training Company” on November 23, 2016. Businesswire.com‘s news article titled: “Avnet, Inc. to Present at the Raymond James Technology Investors Conference” with publication date: November 16, 2016 was also an interesting one.

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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