$0.71 Earnings Per Share Expected for Avnet, Inc. (AVT) This Quarter
Wall Street brokerages expect Avnet, Inc. (NYSE:AVT) to announce earnings of $0.71 per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Avnet’s earnings. The lowest EPS estimate is $0.70 and the highest is $0.72. Avnet reported earnings per share of $0.91 during the same quarter last year, which would indicate a negative year-over-year growth rate of 22%. The company is expected to issue its next earnings results on Thursday, October 26th.
According to Zacks, analysts expect that Avnet will report full-year earnings of $3.25 per share for the current year, with EPS estimates ranging from $3.13 to $3.36. For the next financial year, analysts forecast that the firm will report earnings of $3.69 per share, with EPS estimates ranging from $3.45 to $3.93. Zacks’ EPS averages are a mean average based on a survey of analysts that follow Avnet.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.07. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.86 EPS.
AVT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $44.00 to $40.00 in a research report on Friday, July 14th. ValuEngine downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Deutsche Bank AG restated a “hold” rating and set a $39.00 price objective (down from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $42.11.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of Avnet stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the sale, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.47% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in AVT. Weaver C. Barksdale & Associates Inc. increased its holdings in Avnet by 11.2% in the 2nd quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after acquiring an additional 262 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Avnet in the 2nd quarter valued at $113,000. Daiwa Securities Group Inc. increased its holdings in Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after acquiring an additional 700 shares during the last quarter. Riverhead Capital Management LLC increased its holdings in Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after acquiring an additional 1,559 shares during the last quarter. Finally, M&T Bank Corp bought a new stake in Avnet in the 2nd quarter valued at $208,000. Institutional investors own 97.14% of the company’s stock.
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Avnet (NYSE AVT) traded up 1.02% on Friday, hitting $38.76. 1,062,139 shares of the stock traded hands. Avnet has a 52-week low of $35.67 and a 52-week high of $51.50. The company’s 50 day moving average price is $37.57 and its 200-day moving average price is $40.05. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 9.49 and a beta of 1.03.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were issued a $0.18 dividend. The ex-dividend date was Friday, September 1st. This represents a $0.72 dividend on an annualized basis and a yield of 1.86%. Avnet’s dividend payout ratio is currently 17.69%.
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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