Avnet (AVT) Scheduled to Post Earnings on Wednesday
Avnet (NYSE:AVT) is scheduled to post its quarterly earnings results before the market opens on Wednesday, January 24th. Analysts expect Avnet to post earnings of $0.72 per share for the quarter. Avnet has set its Q2 guidance at $0.67-0.77 EPS and its FY18 guidance at $3.10-3.60 EPS.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The business had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The company’s revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. On average, analysts expect Avnet to post $3 EPS for the current fiscal year and $4 EPS for the next fiscal year.
Avnet (NYSE AVT) opened at $41.41 on Wednesday. The firm has a market capitalization of $5,010.00, a PE ratio of 20.71, a PEG ratio of 1.37 and a beta of 1.09. Avnet has a 52 week low of $35.67 and a 52 week high of $48.20. The company has a quick ratio of 1.63, a current ratio of 2.78 and a debt-to-equity ratio of 0.29.
Avnet declared that its board has authorized a stock repurchase plan on Friday, November 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
Several equities analysts have recently weighed in on the company. Citigroup lifted their price objective on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a research note on Friday, January 5th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $39.57.
In related news, CEO Amelio J. William bought 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were acquired at an average cost of $39.16 per share, for a total transaction of $117,480.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.65% of the company’s stock.
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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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