$0.77 EPS Expected for Avnet, Inc. (AVT) This Quarter
Analysts expect that Avnet, Inc. (NYSE:AVT) will report earnings of $0.77 per share for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Avnet’s earnings, with the lowest EPS estimate coming in at $0.75 and the highest estimate coming in at $0.77. Avnet posted earnings per share of $0.86 in the same quarter last year, which suggests a negative year over year growth rate of 10.5%. The firm is scheduled to report its next earnings results on Wednesday, August 9th.
On average, analysts expect that Avnet will report full year earnings of $3.21 per share for the current year, with EPS estimates ranging from $3.18 to $3.32. For the next fiscal year, analysts expect that the firm will post earnings of $3.22 per share, with EPS estimates ranging from $3.03 to $3.34. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that cover Avnet.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, April 27th. The technology company reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.86 by $0.02. Avnet had a return on equity of 9.24% and a net margin of 2.83%. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter last year, the business posted $1.01 earnings per share. The firm’s revenue was up 8.8% compared to the same quarter last year.
Several brokerages have recently issued reports on AVT. Zacks Investment Research cut shares of Avnet from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 2nd. Deutsche Bank AG restated a “hold” rating and set a $40.00 target price (down from $47.00) on shares of Avnet in a research report on Saturday, April 29th. SunTrust Banks, Inc. cut shares of Avnet from a “buy” rating to a “hold” rating and decreased their target price for the company from $53.00 to $39.00 in a research report on Friday, April 28th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Finally, Citigroup Inc. restated a “sell” rating and set a $31.00 target price on shares of Avnet in a research report on Friday, April 28th. Five equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $42.50.
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Shares of Avnet (NYSE AVT) opened at 38.94 on Tuesday. The company has a 50 day moving average price of $37.50 and a 200-day moving average price of $43.85. The stock has a market cap of $4.87 billion, a P/E ratio of 9.36 and a beta of 1.03. Avnet has a 12 month low of $35.96 and a 12 month high of $51.50.
The company also recently declared a quarterly dividend, which was paid on Monday, June 19th. Investors of record on Tuesday, June 6th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, June 2nd. This represents a $0.72 annualized dividend and a yield of 1.85%. Avnet’s payout ratio is 17.27%.
In other news, CFO Kevin M. Moriarty purchased 6,933 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were bought at an average cost of $36.08 per share, for a total transaction of $250,142.64. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James A. Lawrence purchased 408,451 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average price of $36.99 per share, for a total transaction of $15,108,602.49. Following the completion of the acquisition, the director now directly owns 416,549 shares in the company, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
A number of institutional investors have recently modified their holdings of AVT. Two Sigma Investments LP purchased a new position in shares of Avnet during the fourth quarter valued at approximately $1,108,000. River & Mercantile Asset Management LLP purchased a new position in shares of Avnet during the fourth quarter valued at approximately $2,715,000. Bank of Montreal Can increased its position in shares of Avnet by 32.4% in the first quarter. Bank of Montreal Can now owns 689,940 shares of the technology company’s stock valued at $31,571,000 after buying an additional 168,709 shares during the last quarter. Aviva PLC increased its position in shares of Avnet by 5.9% in the fourth quarter. Aviva PLC now owns 84,845 shares of the technology company’s stock valued at $4,040,000 after buying an additional 4,740 shares during the last quarter. Finally, Macquarie Group Ltd. increased its position in shares of Avnet by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 402,706 shares of the technology company’s stock valued at $19,172,000 after buying an additional 15,450 shares during the last quarter. Institutional investors own 98.41% of the company’s stock.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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