Analysts expect Avnet (NYSE:AVT) to report sales of $4.80 billion for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Avnet’s earnings, with estimates ranging from $4.77 billion to $4.82 billion. Avnet reported sales of $4.44 billion in the same quarter last year, which indicates a positive year over year growth rate of 8.1%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Thursday, April 26th.
According to Zacks, analysts expect that Avnet will report full year sales of $18.76 billion for the current fiscal year, with estimates ranging from $18.68 billion to $18.84 billion. For the next financial year, analysts anticipate that the business will post sales of $19.28 billion per share, with estimates ranging from $19.12 billion to $19.41 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Avnet.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $4.52 billion for the quarter, compared to analyst estimates of $4.46 billion. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.77 EPS.
AVT has been the topic of a number of recent analyst reports. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, December 27th. Goldman Sachs raised 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 raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Finally, Pivotal Research initiated coverage on shares of Avnet in a research report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $40.38.
In related news, insider Philip R. Gallagher sold 14,292 shares of Avnet stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $42.00, for a total transaction of $600,264.00. Following the completion of the transaction, the insider now directly owns 22,178 shares of the company’s stock, valued at approximately $931,476. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kevin V. Summers sold 1,511 shares of Avnet stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total transaction of $61,452.37. Following the transaction, the insider now directly owns 5,354 shares of the company’s stock, valued at $217,747.18. The disclosure for this sale can be found here. Company insiders own 1.65% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Caisse DE Depot ET Placement DU Quebec lifted its position in Avnet by 5.4% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 190,900 shares of the technology company’s stock valued at $7,563,000 after acquiring an additional 9,700 shares during the period. Janus Henderson Group PLC lifted its position in Avnet by 262.0% during the 3rd quarter. Janus Henderson Group PLC now owns 764,285 shares of the technology company’s stock valued at $30,037,000 after acquiring an additional 553,130 shares during the period. MetLife Investment Advisors LLC purchased a new position in Avnet during the 4th quarter valued at about $3,031,000. GSA Capital Partners LLP purchased a new position in Avnet during the 3rd quarter valued at about $435,000. Finally, Cerebellum GP LLC purchased a new position in Avnet during the 4th quarter valued at about $3,489,000. 96.31% of the stock is owned by institutional investors.
Shares of Avnet stock opened at $42.45 on Thursday. The firm has a market capitalization of $5,047.30, a price-to-earnings ratio of 13.15, a PEG ratio of 1.34 and a beta of 0.96. Avnet has a 12-month low of $35.67 and a 12-month high of $45.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.56 and a current ratio of 2.75.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 27th. Stockholders of record on Tuesday, March 13th were given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.79%. This is a boost from Avnet’s previous quarterly dividend of $0.18. The ex-dividend date was Monday, March 12th. Avnet’s dividend payout ratio (DPR) is currently 23.46%.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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