Avnet's Cheap, But You Have Better Options
Mon, Nov. 14, 7:05 AM
- Avnet (NYSE:AVT) announces it acquired a majority interest in Hackster, Inc.
- The company says it will acquire the remainder of the Internet-connected hardware community company in January 2017.
- “The combination of Hackster.io with Avnet’s recently launched MakerSource resource directory and acquisition of Premier Farnell’s element 14 community will allow start-ups to design and create new ideas, then quickly find the resources to support them as they prepare to take their product to market.”
- Source: Press Release
Fri, Nov. 11, 7:09 AM
Thu, Oct. 27, 7:06 AM
Wed, Oct. 26, 5:30 PM
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Fri, Oct. 21, 10:25 AM
- From prior Neutral rating.
- Price target of $53 (current price $41.82).
- Analyst Shawn Harrison cites positive semiconductor bookings, M&A and buyback possibilities, strong cash generation and what he considers to be an unappreciated Premier Farnell deal.
- Additionally reissues Buy rating on Avnet (AVT +0.5%) peer Arrow Electronics (ARW -0.4%).
Mon, Sep. 19, 7:10 AM
- Under the terms of the agreement, Avnet (NYSE:AVT) will receive $2.4B in cash and 2.8M shares of Tech Data (NASDAQ:TECD) common stock currently valued at about $200M.
- "Moving forward, Avnet will focus its resources and investments on becoming a leader in design chain and supply chain services," says newish CEO William Amelio.
- Avnet expects to book a gain of $3.75-$4.75 per share upon closing (anticipated in H1 of next year). For Tech Data's part, the deal is expected to be significantly accretive to non-GAAP EPS in the first year after closing.
- An Avnet conference call is set for 11:30 ET. A Tech Data conference call is set for 8:30 ET.
- AVT +2% premarket
Tue, Sep. 6, 12:26 PM
- Amelio was named interim CEO of Avnet (AVT -0.6%) on July 11 (+7% since).
- Board chairman William Schumann noted an internal and external review of candidates had taken place.
- Amelio: "For me, Avnet is all about passion and possibilities. We have an experienced management team and an engaged workforce comprised of talented employees who are dedicated to serving our customers, suppliers and partners. By better aligning these resources with our competitive solutions specialist, embedded and supply chain strengths, Avnet will undoubtedly be positioned to achieve profitable growth for our shareholders and deliver upon the ever growing market potential in our industry."
- Press release
Fri, Aug. 12, 7:19 AM
Wed, Aug. 10, 7:02 AM
Tue, Aug. 9, 5:30 PM
Thu, Jul. 28, 4:29 AM
- Avnet. (NYSE:AVT) announced today that it has reached agreement with Premier Farnell plc on the terms of a recommended offer for Premier Farnell by Avnet.
- The all-cash offer of £1.85 per share represents an equity value of approximately £691 million and a 12.1% premium over the previous offer of £1.65 per share by Datwyler Technical Components UK Limited.
- Headquartered in Leeds, United Kingdom, Premier Farnell is a global distributor of electronic components and related products delivering engineering solutions to the electronic system design community utilizing multi-channel sales and marketing resources.
- “This acquisition will significantly strengthen Avnet’s digital footprint worldwide. The convergence of Premier Farnell’s innovative online services with Avnet’s world class supply chain will create customer service unparalleled in the industry,” said William Amelio, interim Chief Executive Officer of Avnet. “The talented team of people at Premier Farnell will allow Avnet to enhance our customer experience and accelerate our global growth.”
- “Premier Farnell will bolster our strategy to provide a differentiated digital experience from product ideation through its lifecycle. Premier Farnell’s customers gain access to an extensive suite of supply chain services allowing them to ramp new products to production volumes. Our customers will be able to do more technical research online through the services provided by Premier Farnell,” said Gerry Fay, President of Avnet’s Electronics Marketing, Worldwide “Bringing these two companies together allows us to capture market share earlier in the design process.”
- Fay further added, “In addition to deepening our customer base, this acquisition will enhance our go-to-market strategy as we target the industrial Internet of Things with edge-to-enterprise products and solutions.”
- Bank of America Merrill Lynch acted as financial advisor and Gibson Dunn & Crutcher LLP acted as legal counsel to Avnet in connection with this transaction.
- Source: Press Release
Mon, Jul. 11, 7:47 AM
- Avnet (NYSE:AVT) appoints William Amelio as interim CEO, replacing Rick Hamada, who is stepping down from his position at the company and on the board, effective immediately.
- Amelio was President and CEO of oilfield services company CHC Group during 2010-15 after serving as President and CEO of Lenovo during 2005-09 and previously as a regional SVP and president at Dell.
- Hamada has been CEO since 2011 after climbing through the company ranks for 32 years; no further explanation was given for his departure.
- Also, AVT issues downside guidance for Q4 (June) EPS of $0.80-$0.86, below prior guidance for $0.95-$1.05 and $1.00 analyst consensus estimate, on Q4 revenues of $6.15B-$6.25B vs. $6.26B consensus.
- AVT cites an ERP implementation in the Americas region of the Electronics Marketing operating group; it expects sales for the region to come in ~$100M below the prior outlook, and the region also incurred higher costs in order to maintain customer deliveries.
Fri, May 13, 5:10 PM
- Avnet (NYSE:AVT) declares $0.17/share quarterly dividend, in line with previous.
- Forward yield 1.75%
- Payable June 20; for shareholders of record June 7; ex-div June 3.
Mon, May 2, 1:15 PM
- Citi's Jim Suva has downgraded Arrow Electronics (ARW -4.9%) and Avnet (AVT -2.3%) to Sell from Buy, Tech Data (TECD -4.5%) to Sell from Neutral, and Synnex (SNX -1.6%) to Neutral from Buy.
- Suva states research indicates the majority of IT budget increases aren't being devoted to "traditional IT hardware" as cloud adoption grows - recent earnings data from IT giants point in the same direction - and thinks resellers will have to make cloud acquisitions that are less accretive than past deals involving traditional IT firms.
- He adds Arrow's Q1 report (due on Tuesday morning) is likely to feature weak guidance, and that the May 5 Global Technology Distribution Conference is likely to show the cloud shift has accelerated.
Thu, Apr. 28, 6:51 AM
- Avnet (NYSE:AVT): FQ3 EPS of $1.01 beats by $0.02.
- Revenue of $6.17B (-8.5% Y/Y) misses by $140M.
Wed, Apr. 27, 5:30 PM
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