Avnet (AVT) Expected to Announce Earnings of $1.01 Per Share

Equities research analysts expect Avnet (NYSE:AVT) to post $1.01 earnings per share for the current quarter, according to Zacks. Four analysts have made estimates for Avnet’s earnings, with the highest EPS estimate coming in at $1.04 and the lowest estimate coming in at $0.98. Avnet posted earnings of $0.76 per share in the same quarter last year, which indicates a positive year-over-year growth rate of 32.9%. The business is scheduled to report its next earnings report after the market closes on Thursday, October 25th.

On average, analysts expect that Avnet will report full-year earnings of $4.28 per share for the current fiscal year, with EPS estimates ranging from $4.15 to $4.57. For the next year, analysts expect that the company will post earnings of $4.60 per share, with EPS estimates ranging from $4.32 to $5.00. Zacks’ earnings per share averages are an average based on a survey of sell-side research firms that cover Avnet.

Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 8th. The technology company reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The company had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter last year, the company posted $0.84 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis.

Several research analysts have recently weighed in on AVT shares. Pivotal Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and lifted their price target for the stock from $42.00 to $50.00 in a research note on Friday, June 15th. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a research note on Wednesday, June 27th. Wells Fargo & Co started coverage on shares of Avnet in a research note on Tuesday, July 17th. They set a “market perform” rating and a $47.00 price target on the stock. Citigroup lifted their price target on shares of Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a research note on Thursday, August 9th. Finally, Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Avnet currently has an average rating of “Hold” and a consensus price target of $45.14.

AVT stock traded up $0.99 on Friday, hitting $40.47. The company had a trading volume of 1,384,667 shares, compared to its average volume of 951,307. Avnet has a 12-month low of $38.12 and a 12-month high of $49.40. The company has a current ratio of 2.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $4.63 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.08 and a beta of 0.99.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Stockholders of record on Monday, September 10th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Friday, September 7th. This is a boost from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio (DPR) is currently 24.69%.

Avnet declared that its Board of Directors has authorized a stock buyback program on Wednesday, August 29th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $47.99, for a total transaction of $721,001.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.65% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. CIBC World Markets Inc. bought a new stake in shares of Avnet during the 2nd quarter valued at $201,000. CHICAGO TRUST Co NA bought a new stake in shares of Avnet during the 3rd quarter valued at $207,000. Jane Street Group LLC bought a new stake in shares of Avnet during the 2nd quarter valued at $210,000. Foster & Motley Inc. bought a new stake in shares of Avnet during the 2nd quarter valued at $226,000. Finally, IFM Investors Pty Ltd bought a new stake in shares of Avnet during the 2nd quarter valued at $266,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.

Avnet Company Profile

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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Earnings History and Estimates for Avnet (NYSE:AVT)

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