Zacks: Brokerages Expect Anixter International Inc. (AXE) Will Announce Quarterly Sales of $2.13 Billion

Equities analysts expect that Anixter International Inc. (NYSE:AXE) will report sales of $2.13 billion for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Anixter International’s earnings, with the highest sales estimate coming in at $2.14 billion and the lowest estimate coming in at $2.11 billion. Anixter International posted sales of $2.02 billion during the same quarter last year, which suggests a positive year over year growth rate of 5.4%. The business is scheduled to announce its next quarterly earnings report before the market opens on Tuesday, October 23rd.

On average, analysts expect that Anixter International will report full year sales of $8.31 billion for the current fiscal year. For the next financial year, analysts expect that the firm will post sales of $8.71 billion, with estimates ranging from $8.63 billion to $8.78 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow Anixter International.

Anixter International (NYSE:AXE) last issued its earnings results on Thursday, July 26th. The technology company reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.04. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Anixter International had a net margin of 1.29% and a return on equity of 12.42%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.36 EPS.

A number of analysts recently weighed in on AXE shares. TheStreet upgraded shares of Anixter International from a “c+” rating to a “b” rating in a research note on Wednesday, October 3rd. Longbow Research upgraded shares of Anixter International from a “neutral” rating to a “buy” rating in a research note on Friday, July 20th. Zacks Investment Research upgraded shares of Anixter International from a “sell” rating to a “hold” rating in a research note on Wednesday, June 27th. Finally, ValuEngine upgraded shares of Anixter International from a “strong sell” rating to a “sell” rating in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $85.50.

NYSE:AXE traded down $0.36 during trading hours on Friday, reaching $63.05. 108,218 shares of the company’s stock were exchanged, compared to its average volume of 177,872. The stock has a market cap of $2.35 billion, a P/E ratio of 12.22, a P/E/G ratio of 1.51 and a beta of 2.17. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.65 and a quick ratio of 0.94. Anixter International has a 1-year low of $56.25 and a 1-year high of $88.85.

In related news, Director Robert J. Eck sold 16,642 shares of the stock in a transaction on Friday, July 20th. The shares were sold at an average price of $75.00, for a total transaction of $1,248,150.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 13.60% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Northern Trust Corp raised its position in Anixter International by 2.6% during the 2nd quarter. Northern Trust Corp now owns 350,679 shares of the technology company’s stock worth $22,197,000 after buying an additional 8,808 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Anixter International in the 2nd quarter valued at about $444,000. Global X Management Co LLC increased its holdings in shares of Anixter International by 18.8% in the 2nd quarter. Global X Management Co LLC now owns 8,101 shares of the technology company’s stock valued at $513,000 after purchasing an additional 1,282 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of Anixter International by 1.1% in the 2nd quarter. California Public Employees Retirement System now owns 96,471 shares of the technology company’s stock valued at $6,107,000 after purchasing an additional 1,012 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its holdings in shares of Anixter International by 27.3% in the 2nd quarter. OppenheimerFunds Inc. now owns 76,891 shares of the technology company’s stock valued at $4,867,000 after purchasing an additional 16,482 shares in the last quarter. Institutional investors own 90.91% of the company’s stock.

About Anixter International

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable products, and utility power solutions. Its Network & Security Solutions segment offers copper and fiber optic cable and connectivity, access control, video surveillance, intrusion and fire/life safety, cabinet, power, cable management, wireless, professional audio/video, voice and networking switche, and other ancillary products for technology, finance, telecommunications service provider, transportation, education, government, healthcare, and retail industries.

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