Brokerages Anticipate Avnet, Inc. (AVT) Will Announce Earnings of $0.71 Per Share
Equities analysts expect Avnet, Inc. (NYSE:AVT) to post earnings of $0.71 per share for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Avnet’s earnings. The highest EPS estimate is $0.72 and the lowest is $0.70. Avnet posted earnings per share of $0.91 in the same quarter last year, which would suggest a negative year-over-year growth rate of 22%. The firm is scheduled to issue its next quarterly earnings report on Thursday, October 26th.
On average, analysts expect that Avnet will report full year earnings of $3.25 per share for the current fiscal year, with EPS estimates ranging from $3.13 to $3.36. For the next year, analysts expect that the company will post earnings of $3.69 per share, with EPS estimates ranging from $3.45 to $3.93. Zacks’ EPS averages are an average based on a survey of sell-side research firms that cover Avnet.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.77 by $0.07. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.86 EPS.
A number of equities research analysts recently commented on AVT shares. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub raised Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Bank of America Corporation cut Avnet from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. Deutsche Bank AG reissued a “hold” rating and set a $39.00 price objective (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Four analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Avnet presently has an average rating of “Hold” and a consensus price target of $38.40.
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Avnet (NYSE:AVT) opened at 40.31 on Thursday. The stock’s 50 day moving average price is $38.12 and its 200 day moving average price is $39.40. Avnet has a 12 month low of $35.67 and a 12 month high of $51.50. The company has a market capitalization of $4.96 billion, a price-to-earnings ratio of 9.87 and a beta of 1.07.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 1.79%. Avnet’s payout ratio is currently 17.69%.
In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.65% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Weaver C. Barksdale & Associates Inc. grew its stake in shares of Avnet by 11.2% during the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after buying an additional 262 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Avnet during the second quarter valued at approximately $113,000. Daiwa Securities Group Inc. grew its stake in shares of Avnet by 21.9% during the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the last quarter. Riverhead Capital Management LLC grew its stake in shares of Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the last quarter. Finally, Anchor Capital Advisors LLC grew its stake in shares of Avnet by 8.4% during the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock valued at $219,000 after buying an additional 370 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.
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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