Avnet (AVT) is Downgraded by Brean Capital to Hold

Avnet (AVT) was Downgraded by Brean Capital to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Brean Capital advised their investors in a research report released on Apr 29, 2016.

Many Wall Street Analysts have commented on Avnet. Avnet was Resumed by BofA/Merrill to “Neutral” on Apr 27, 2016.

On the company’s financial health, Avnet reported $1.22 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Jan 28, 2016. Analyst had a consensus of $1.25. The company had revenue of $6848.10 million for the quarter, compared to analysts expectations of $7214.06 million. The company’s revenue was down -9.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.27 EPS.

Avnet opened for trading at $44.27 and hit $44.66 on the upside on Wednesday, eventually ending the session at $44.66, with a gain of 0.61% or 0.27 points. The heightened volatility saw the trading volume jump to 6,23,978 shares. Company has a market cap of $5,862 M.

In a different news, on Sep 10, 2015, Maryann G. Miller (Senior Vice President) sold 9,562 shares at $42.45 per share price. According to the SEC, on Sep 10, 2015, James A Lawrence (director) purchased 46,700 shares at $42.60 per share price. On Feb 26, 2015, Steven R Phillips (Senior Vice President) sold 6,455 shares at $46.30 per share price, according to the Form-4 filing with the securities and exchange commission.

Avnet Inc. distributes electronic components enterprise computer and storage products information technology solutions and services and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe the Middle East and Africa; and Asia/Pacific consisting of Asia Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems software storage services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives microprocessor motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.


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