BidaskClub Upgrades Anixter International Inc. (AXE) to “Hold”

BidaskClub upgraded shares of Anixter International Inc. (NYSE:AXE) from a sell rating to a hold rating in a research report released on Friday morning.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company initiated coverage on shares of Anixter International in a report on Tuesday, March 21st. They issued a market perform rating for the company. Zacks Investment Research upgraded shares of Anixter International from a hold rating to a buy rating and set a $94.00 price objective for the company in a report on Friday, April 28th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Anixter International presently has an average rating of Hold and an average target price of $87.00.

Shares of Anixter International (NYSE AXE) opened at 75.75 on Friday. The firm has a market cap of $2.52 billion, a PE ratio of 19.87 and a beta of 1.89. Anixter International has a 52-week low of $51.49 and a 52-week high of $88.00. The firm has a 50-day moving average of $77.65 and a 200 day moving average of $80.29.

Anixter International (NYSE:AXE) last posted its earnings results on Tuesday, April 25th. The technology company reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Anixter International had a net margin of 1.67% and a return on equity of 13.31%. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.92 earnings per share. On average, equities analysts predict that Anixter International will post $5.40 earnings per share for the current year.

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In related news, CEO Robert J. Eck sold 4,935 shares of the firm’s stock in a transaction that occurred on Friday, April 21st. The shares were sold at an average price of $80.00, for a total value of $394,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William Standish sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $76.20, for a total transaction of $76,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,995 shares of company stock valued at $2,710,549. 14.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of Anixter International during the fourth quarter worth about $2,927,000. State Board of Administration of Florida Retirement System raised its position in shares of Anixter International by 1.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 14,208 shares of the technology company’s stock worth $1,152,000 after buying an additional 186 shares during the period. Comerica Bank raised its position in shares of Anixter International by 5.8% in the fourth quarter. Comerica Bank now owns 30,647 shares of the technology company’s stock worth $2,513,000 after buying an additional 1,675 shares during the period. State Street Corp raised its position in shares of Anixter International by 3.6% in the fourth quarter. State Street Corp now owns 704,714 shares of the technology company’s stock worth $57,117,000 after buying an additional 24,326 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Anixter International by 11.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,156,223 shares of the technology company’s stock worth $93,714,000 after buying an additional 114,337 shares during the period. Institutional investors and hedge funds own 87.41% of the company’s stock.

About Anixter International

Anixter International Inc is engaged in the distribution of enterprise cabling and security solutions, electrical and electronic wire and cable products and utility power solutions. The Company operates through three segments: Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS).

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