Avnet (AVT) Releases Quarterly Earnings Results
Avnet (NYSE:AVT) released its earnings data on Thursday. The company reported $1.03 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.08 by $0.05, American Banking News.com reports. The company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $6.93 billion. During the same quarter last year, the company posted $0.90 earnings per share. Avnet’s revenue was up 6.1% compared to the same quarter last year. Avnet updated its Q4 guidance to $1.04-1.14 EPS.
Avnet (NYSE:AVT) traded down 6.04% on Thursday, hitting $43.90. 1,074,060 shares of the company’s stock traded hands. Avnet has a 52-week low of $31.46 and a 52-week high of $48.18. The stock has a 50-day moving average of $44.93 and a 200-day moving average of $42.51. The company has a market cap of $6.072 billion and a P/E ratio of 14.29.
A number of analysts have recently weighed in on AVT shares. Analysts at Zacks reiterated a “neutral” rating on shares of Avnet in a research note on Friday, March 28th. They now have a $47.00 price target on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Avnet from $42.00 to $45.00 in a research note on Friday, January 24th. They now have a “hold” rating on the stock. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $46.21.
Avnet, Inc (NYSE:AVT) together with its subsidiaries, is an industrial distributor of electronic components, enterprise computer and storage products and embedded subsystems.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.