Avnet (NYSE:AVT) Receives Downgrade From Goldman Sachs. Will Other Analysts Follow Suit?

May 16, 2018 - By Jason Grubb

Avnet, Inc. (NASDAQ:AVT) Logo

Investors sentiment increased to 1.16 in Q4 2017. 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.

Deroy & Devereaux Private Investment Counsel reported 348,052 shares. Daiwa Secs Grp Inc reported 0% of its portfolio in Avnet, Inc. (NASDAQ:AVT). Boothbay Fund Limited Liability has 0.04% invested in Avnet, Inc. (NASDAQ:AVT). Dreman Value Management L L C owns 9,713 shares for 0.22% of their portfolio. Delta Asset Mngmt Limited Liability Corporation Tn reported 1,200 shares. Liberty Mutual Asset Mngmt has invested 0.04% in Avnet, Inc. (NASDAQ:AVT). Denali Advisors Lc holds 0.04% or 7,200 shares. First Citizens Natl Bank And holds 0.03% or 6,174 shares. 514,935 were accumulated by Principal Fincl Grp Inc Inc Inc. Stone Ridge Asset Ltd Liability Com has 0.08% invested in Avnet, Inc. (NASDAQ:AVT) for 29,159 shares. Moreover, Royal Bancorp Of Canada has 0% invested in Avnet, Inc. (NASDAQ:AVT). Prudential Public Ltd Com holds 0.52% or 4.29 million shares in its portfolio. Amundi Pioneer Asset stated it has 54,691 shares or 0% of all its holdings. Cna Finance reported 0.84% stake. Retirement Of Alabama invested in 0.03% or 156,365 shares.

Since February 13, 2018, it had 0 insider purchases, and 2 insider sales for $661,716 activity. Shares for $600,264 were sold by GALLAGHER PHILIP R on Friday, February 16.

Avnet (NYSE:AVT) Receives a Downgrade

Goldman Sachs cut shares of Avnet (NYSE:AVT) stock from a Neutral rating to a Sell rating in an analyst note made public on 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 13.40% above currents $39.09 stock price. Avnet had 5 analyst reports since January 5, 2018 according to SRatingsIntel. The firm has “Neutral” rating by Goldman Sachs given on Friday, January 5. SunTrust maintained it with “Hold” rating and $46.0 target in Thursday, January 25 report. The firm has “Buy” rating given on Friday, January 19 by Longbow. Bank of America upgraded the stock to “Neutral” rating in Wednesday, April 25 report.

The stock decreased 3.31% or $1.34 during the last trading session, reaching $39.09. About 866,483 shares traded or 14.68% up from the average. Avnet, Inc. (NYSE:AVT) has declined 6.72% since May 16, 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 EPS, up 14.29 % or $0.12 from last year’s $0.84 per share. AVT’s profit will be $113.26M for 10.18 P/E if the $0.96 EPS becomes a reality. After $1.02 actual EPS 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 $4.61 billion. The firm operates through two divisions, Electronic Components and Premier Farnell. It has a 10.67 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: Streetinsider.com which released: “Goldman Sachs Downgrades Avnet (AVT) to Sell” on May 16, 2018. Also Benzinga.com published the news titled: “Goldman Presses Sell Button On Avnet On Incremental Risk To Semi Cycle” on May 16, 2018. Businesswire.com‘s news article titled: “Avnet Showcases Connected Ecosystem at IoT World 2018” with publication date: May 14, 2018 was also an interesting one.

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

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