Avnet, Inc. (AVT) Expected to Post Quarterly Sales of $4.45 Billion
Brokerages forecast that Avnet, Inc. (NYSE:AVT) will announce $4.45 billion in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Avnet’s earnings. The lowest sales estimate is $4.40 billion and the highest is $4.50 billion. Avnet posted sales of $6.23 billion during the same quarter last year, which suggests a negative year-over-year growth rate of 28.6%. The company is scheduled to report its next quarterly earnings report before the market opens on Wednesday, August 9th.
On average, analysts expect that Avnet will report full year sales of $4.45 billion for the current year, with estimates ranging from $17.29 billion to $17.39 billion. For the next year, analysts forecast that the business will report sales of $18.30 billion per share, with estimates ranging from $17.31 billion to $20.85 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that follow Avnet.
Avnet (NYSE:AVT) last issued its earnings results 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 business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter in the previous year, the business earned $1.01 EPS. The company’s revenue for the quarter was up 8.8% on a year-over-year basis.
AVT has been the subject of a number of recent research reports. Deutsche Bank AG reaffirmed a “hold” rating and set a $40.00 price target (down from $47.00) on shares of Avnet in a research note on Saturday, April 29th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. BidaskClub raised Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Bank of America Corporation lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $44.00 to $40.00 in a report on Friday, July 14th. Finally, SunTrust Banks, Inc. lowered Avnet from a “buy” rating to a “hold” rating and lowered their price objective for the company from $53.00 to $39.00 in a report on Friday, April 28th. Five analysts have rated the stock with a sell rating, seven have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.22.
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In other Avnet news, CFO Kevin M. Moriarty bought 6,933 shares of the stock in a transaction on Thursday, May 18th. The shares were purchased at an average price of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James A. Lawrence bought 408,451 shares of the stock in a transaction on Friday, June 2nd. The stock was acquired at an average cost of $36.99 per share, for a total transaction of $15,108,602.49. Following the acquisition, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock worth $554,666,000 after buying an additional 11,895,142 shares during the period. Vanguard Group Inc. raised its stake in Avnet by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock worth $531,183,000 after buying an additional 187,314 shares during the period. Pzena Investment Management LLC raised its stake in Avnet by 6.7% in the first quarter. Pzena Investment Management LLC now owns 5,450,045 shares of the technology company’s stock worth $249,394,000 after buying an additional 341,284 shares during the period. State Street Corp raised its stake in Avnet by 1.8% in the first quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock worth $207,238,000 after buying an additional 79,662 shares during the period. Finally, Artisan Partners Limited Partnership raised its stake in Avnet by 0.8% in the first quarter. Artisan Partners Limited Partnership now owns 4,506,341 shares of the technology company’s stock worth $206,210,000 after buying an additional 34,002 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Avnet (AVT) opened at 39.25 on Friday. The stock’s 50 day moving average price is $38.72 and its 200-day moving average price is $42.57. Avnet has a one year low of $35.96 and a one year high of $51.50. The stock has a market cap of $4.91 billion, a PE ratio of 9.43 and a beta of 1.04.
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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