Brokerages Expect Avnet, Inc. (AVT) to Post $0.72 Earnings Per Share

Wall Street analysts forecast that Avnet, Inc. (NYSE:AVT) will post $0.72 earnings per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Avnet’s earnings, with the lowest EPS estimate coming in at $0.69 and the highest estimate coming in at $0.73. Avnet posted earnings of $0.77 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 6.5%. The business is scheduled to announce its next earnings report on Thursday, January 25th.

According to Zacks, analysts expect that Avnet will report full-year earnings of $3.36 per share for the current financial year, with EPS estimates ranging from $3.30 to $3.41. For the next fiscal year, analysts forecast that the business will report earnings of $3.82 per share, with EPS estimates ranging from $3.60 to $4.01. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Avnet.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.05. The firm had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 EPS.

A number of brokerages recently commented on AVT. Citigroup upped their price objective on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Cross Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, Stifel Nicolaus boosted their price target on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $40.29.

Avnet (NYSE:AVT) opened at $39.86 on Wednesday. The company has a market capitalization of $4,723.42, a price-to-earnings ratio of 12.02, a P/E/G ratio of 1.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78. Avnet has a 52 week low of $35.67 and a 52 week high of $49.19.

Avnet announced that its Board of Directors has approved a stock repurchase plan on Friday, November 10th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Tuesday, December 5th. Avnet’s dividend payout ratio is 17.96%.

In related news, CEO Amelio J. William bought 3,000 shares of Avnet stock in a transaction dated Friday, December 8th. The stock was acquired at an average cost of $39.16 per share, with a total value of $117,480.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.65% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Pzena Investment Management LLC lifted its holdings in shares of Avnet by 7.5% during the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock valued at $320,453,000 after purchasing an additional 570,577 shares during the last quarter. Prudential PLC raised its position in Avnet by 33.2% during the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after buying an additional 1,134,700 shares during the period. FMR LLC raised its position in Avnet by 102.0% during the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after buying an additional 1,922,592 shares during the period. Thompson Siegel & Walmsley LLC raised its position in Avnet by 45.8% during the second quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock valued at $121,589,000 after buying an additional 982,158 shares during the period. Finally, Wells Fargo & Company MN raised its position in Avnet by 160.0% during the second quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock valued at $86,166,000 after buying an additional 1,363,770 shares during the period. 95.95% of the stock is owned by institutional investors and hedge funds.

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About Avnet

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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Earnings History and Estimates for Avnet (NYSE:AVT)

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