FY2018 EPS Estimates for Avnet, Inc. (AVT) Increased by Analyst
Avnet, Inc. (NYSE:AVT) – Analysts at SunTrust Banks increased their FY2018 EPS estimates for shares of Avnet in a report issued on Thursday. SunTrust Banks analyst W. Stein now anticipates that the technology company will post earnings of $3.40 per share for the year, up from their previous estimate of $3.36. SunTrust Banks also issued estimates for Avnet’s Q4 2018 earnings at $1.01 EPS and Q1 2019 earnings at $1.07 EPS.
A number of other brokerages have also weighed in on AVT. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. BidaskClub raised shares of Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, October 10th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, Stifel Nicolaus boosted their price target on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Avnet presently has an average rating of “Hold” and an average target price of $40.29.
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Shares of Avnet (NYSE AVT) traded down 0.37% during mid-day trading on Monday, hitting $39.92. The company had a trading volume of 92,243 shares. The firm’s 50-day moving average price is $39.72 and its 200 day moving average price is $38.93. Avnet has a one year low of $35.67 and a one year high of $51.50. The company has a market capitalization of $4.91 billion, a P/E ratio of 9.77 and a beta of 1.07.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business had revenue of $4.66 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period last year, the company earned $0.91 earnings per share. Avnet’s quarterly revenue was up 13.2% compared to the same quarter last year.
In other news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $452,286.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.65% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Weaver C. Barksdale & Associates Inc. grew its stake 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 buying an additional 262 shares during the last quarter. Pacad Investment Ltd. acquired a new position in Avnet in the 2nd quarter valued at about $113,000. Daiwa Securities Group Inc. grew its stake 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 buying an additional 700 shares during the last quarter. Riverhead Capital Management LLC grew its stake 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 buying an additional 1,559 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in Avnet in the 2nd quarter valued at about $208,000. Institutional investors and hedge funds own 97.60% of the company’s stock.
Avnet Company Profile
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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