Analysts expect Avnet, Inc. (NYSE:AVT) to post $4.43 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Avnet’s earnings. The highest sales estimate is $4.50 billion and the lowest is $4.41 billion. Avnet posted sales of $4.27 billion during the same quarter last year, which suggests a positive year over year growth rate of 3.7%. The company is expected to issue its next quarterly earnings results on Thursday, January 25th.
According to Zacks, analysts expect that Avnet will report full-year sales of $4.43 billion for the current year, with estimates ranging from $18.29 billion to $18.35 billion. For the next fiscal year, analysts expect that the firm will report sales of $18.72 billion per share, with estimates ranging from $18.65 billion to $18.79 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Avnet.
Avnet (NYSE:AVT) last issued its earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $4.66 billion for 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 company’s revenue was up 13.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.91 earnings per share.
A number of research firms recently issued reports on AVT. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a report on Friday, December 1st. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a report on Thursday, October 26th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a report on Friday, October 27th. Citigroup lifted their price target on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a report on Friday, October 27th. Finally, Stifel Nicolaus lifted their price target on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a report on Thursday, October 26th. Four equities 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 stock. The company presently has a consensus rating of “Hold” and a consensus target price of $40.29.
In related news, CEO Amelio J. William purchased 3,000 shares of the company’s stock in a transaction that occurred on Friday, December 8th. The shares were purchased at an average price of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.65% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Avnet by 102.0% during the 2nd quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock worth $148,007,000 after acquiring an additional 1,922,592 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Avnet by 160.0% during the 2nd quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock worth $86,166,000 after acquiring an additional 1,363,770 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Avnet during the 3rd quarter worth approximately $45,908,000. Prudential PLC boosted its stake in shares of Avnet by 33.2% during the 2nd quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock worth $177,184,000 after acquiring an additional 1,134,700 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC boosted its stake in shares of Avnet by 45.8% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock worth $121,589,000 after acquiring an additional 982,158 shares in the last quarter. Institutional investors own 95.95% of the company’s stock.
Avnet (NYSE AVT) traded down $0.26 during trading hours on Friday, reaching $39.60. The company had a trading volume of 410,146 shares, compared to its average volume of 1,095,663. The stock has a market capitalization of $4,822.58, a price-to-earnings ratio of 9.88, a PEG ratio of 1.30 and a beta of 1.09. Avnet has a 52-week low of $35.67 and a 52-week high of $48.66. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78.
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 19th. Stockholders of record on Wednesday, December 6th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date was Tuesday, December 5th. Avnet’s dividend payout ratio (DPR) is currently 17.96%.
Avnet declared that its Board of Directors has initiated a stock buyback plan on Friday, November 10th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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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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