Avnet, Inc. (NYSE:AVT) – Equities research analysts at SunTrust Banks increased their FY2018 earnings per share estimates for shares of Avnet in a note issued to investors on Thursday. SunTrust Banks analyst W. Stein now expects that the technology company will earn $3.48 per share for the year, up from their prior estimate of $3.40. SunTrust Banks also issued estimates for Avnet’s Q2 2019 earnings at $1.06 EPS and Q3 2019 earnings at $1.10 EPS.
Other equities analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a report on Friday, October 27th. Goldman Sachs Group upgraded shares of Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price target on the stock in a report on Friday, January 5th. Longbow Research upgraded shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Finally, ValuEngine upgraded shares of Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $39.57.
Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 EPS for the quarter, beating the consensus estimate of $0.72 by $0.06. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the company posted $0.77 EPS. Avnet’s revenue was up 5.8% on a year-over-year basis.
Large investors have recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. boosted its holdings in Avnet by 136.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,633 shares of the technology company’s stock worth $184,000 after purchasing an additional 2,677 shares in the last quarter. Riverhead Capital Management LLC lifted its position in 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 acquiring an additional 1,559 shares during the last quarter. Oakbrook Investments LLC acquired a new position in Avnet during the 4th quarter worth $202,000. Toronto Dominion Bank lifted its position in Avnet by 233.3% during the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock worth $207,000 after acquiring an additional 3,695 shares during the last quarter. Finally, M&T Bank Corp acquired a new position in Avnet during the 2nd quarter worth $208,000. Hedge funds and other institutional investors own 96.15% of the company’s stock.
In other Avnet news, CEO Amelio J. William acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was purchased at an average cost of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.65% of the company’s stock.
Avnet declared that its board has authorized a share buyback program on Friday, November 10th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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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