Goldman Gives Avnet (NYSE:AVT) a Lower Rating. Drops its “Neutral” Rating

May 16, 2018 - By Nellie Frank

Avnet, Inc. (NASDAQ:AVT) Logo

Investors sentiment increased to 1.16 in 2017 Q4. Its up 0.17, from 0.99 in 2017Q3. It is positive, as 29 investors sold Avnet, Inc. shares while 100 reduced holdings. 53 funds opened positions while 97 raised stakes. 110.65 million shares or 1.73% less from 112.60 million shares in 2017Q3 were reported.

American Century Cos Inc holds 207,796 shares. 14,894 are held by Advantus Mngmt Inc. Massachusetts Fincl Services Ma holds 6,537 shares. Cubist Systematic Strategies Ltd Liability Corporation holds 0.22% or 104,817 shares in its portfolio. Pnc Financial Svcs Group Incorporated Inc owns 0% invested in Avnet, Inc. (NASDAQ:AVT) for 11,902 shares. Citigroup holds 0.02% or 493,480 shares. State Of Tennessee Treasury Department owns 48,700 shares for 0.01% of their portfolio. The New York-based Goldman Sachs Inc has invested 0.03% in Avnet, Inc. (NASDAQ:AVT). Nomura Asset Mngmt, Japan-based fund reported 18,745 shares. Hsbc Public Limited Liability Co accumulated 499,532 shares. Savings Bank Of Montreal Can holds 0.02% or 557,570 shares in its portfolio. Highbridge Ltd holds 0.01% in Avnet, Inc. (NASDAQ:AVT) or 7,339 shares. Canada Pension Plan Investment Board holds 0.01% in Avnet, Inc. (NASDAQ:AVT) or 97,910 shares. 22,307 were reported by Utah Retirement Sys. Moreover, Jpmorgan Chase & Communications has 0% invested in Avnet, Inc. (NASDAQ:AVT).

Since February 13, 2018, it had 0 buys, and 2 insider sales for $661,716 activity. On Tuesday, February 13 the insider Summers Kevin V sold $61,452.

Avnet (NYSE:AVT) Receives a Downgrade

The Equity Rating of Avnet (NYSE:AVT) rating was lowered by expert analysts at Goldman from the previous “Neutral” rating to a “Sell” rating in an analyst note sent to investors on Wednesday, 16 May.

Avnet, Inc. (NASDAQ:AVT) Ratings Coverage

Among 5 analysts covering Avnet (NYSE:AVT), 1 have Buy rating, 0 Sell and 4 Hold. Therefore 20% are positive. Avnet has $46.0 highest and $44.0 lowest target. $44.33’s average target is 13.87% above currents $38.93 stock price. Avnet had 5 analyst reports since January 5, 2018 according to SRatingsIntel. The stock has “Neutral” rating by Goldman Sachs on Friday, January 5. Bank of America upgraded the stock to “Neutral” rating in Wednesday, April 25 report. The stock of Avnet, Inc. (NASDAQ:AVT) has “Hold” rating given on Thursday, January 25 by SunTrust. The stock of Avnet, Inc. (NASDAQ:AVT) earned “Buy” rating by Longbow on Friday, January 19.

The stock decreased 3.71% or $1.5 during the last trading session, reaching $38.93. About 1.47M shares traded or 94.29% up from the average. Avnet, Inc. (NYSE:AVT) has declined 6.72% since May 17, 2017 and is downtrending. It has underperformed by 18.27% the S&P500.

Analysts await Avnet, Inc. (NASDAQ:AVT) to report earnings on August, 8. They expect $0.96 earnings per share, up 14.29 % or $0.12 from last year’s $0.84 per share. AVT’s profit will be $113.26M for 10.14 P/E if the $0.96 EPS becomes a reality. After $1.02 actual earnings per share reported by Avnet, Inc. for the previous quarter, Wall Street now forecasts -5.88 % negative EPS growth.

Avnet, Inc., together with its subsidiaries, distributes electronic components worldwide. The company has market cap of $4.59 billion. The firm operates through two divisions, Electronic Components and Premier Farnell. It has a 10.63 P/E ratio. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

More recent Avnet, Inc. (NASDAQ:AVT) news were published by: Businesswire.com which released: “Avnet Showcases Connected Ecosystem at IoT World 2018” on May 14, 2018. Also Streetinsider.com published the news titled: “Goldman Sachs Downgrades Avnet (AVT) to Sell” on May 16, 2018. Benzinga.com‘s news article titled: “Goldman Presses Sell Button On Avnet On Incremental Risk To Semi Cycle” with publication date: May 16, 2018 was also an interesting one.

Avnet, Inc. (NASDAQ:AVT) Institutional Positions Chart

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