Zacks: Analysts Expect Avnet, Inc. (AVT) to Post $0.72 Earnings Per Share

Wall Street brokerages expect that Avnet, Inc. (NYSE:AVT) will announce $0.72 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Four analysts have issued estimates for Avnet’s earnings. The highest EPS estimate is $0.73 and the lowest is $0.69. Avnet posted earnings per share of $0.77 during the same quarter last year, which would suggest a negative year over year growth rate of 6.5%. The company is expected to announce its next quarterly earnings results before the market opens on Thursday, January 25th.

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

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

AVT has been the topic of a number of recent analyst reports. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus upped their price target on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Citigroup upped their price target on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Finally, Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Three 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’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $39.57.

Avnet (NYSE AVT) traded up $1.96 during trading hours on Monday, hitting $43.28. 1,537,100 shares of the stock were exchanged, compared to its average volume of 846,354. 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 fifty-two week low of $35.67 and a fifty-two week high of $48.20. The firm has a market cap of $5,233.74, a PE ratio of 10.79, a PEG ratio of 1.42 and a beta of 1.09.

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

In other Avnet news, CEO Amelio J. William acquired 3,000 shares of the stock in a transaction that occurred on Friday, December 8th. The shares were purchased 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 SEC, which is available at this hyperlink. 1.65% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of AVT. Advisor Group Inc. boosted its stake in shares of Avnet by 7.1% during the 2nd quarter. Advisor Group Inc. now owns 8,208 shares of the technology company’s stock worth $318,000 after purchasing an additional 544 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Avnet by 0.3% during the 2nd quarter. California Public Employees Retirement System now owns 367,400 shares of the technology company’s stock worth $14,285,000 after purchasing an additional 1,100 shares during the last quarter. Brookstone Capital Management boosted its stake in shares of Avnet by 17.0% during the 3rd quarter. Brookstone Capital Management now owns 8,760 shares of the technology company’s stock worth $344,000 after purchasing an additional 1,275 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Avnet by 50.3% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares during the last quarter. Finally, Asset Management One Co. Ltd. boosted its stake in shares of Avnet by 1.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 203,988 shares of the technology company’s stock worth $8,020,000 after purchasing an additional 2,000 shares during the last quarter. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

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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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Earnings History and Estimates for Avnet (NYSE:AVT)

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