Equities analysts expect Avnet (NYSE:AVT) to report sales of $5.03 billion for the current quarter, according to Zacks. Four analysts have made estimates for Avnet’s earnings, with the highest sales estimate coming in at $5.11 billion and the lowest estimate coming in at $4.95 billion. Avnet reported sales of $4.66 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.9%. The firm is expected to issue its next earnings report on Thursday, October 25th.
According to Zacks, analysts expect that Avnet will report full year sales of $19.85 billion for the current fiscal year, with estimates ranging from $19.11 billion to $20.30 billion. For the next year, analysts expect that the firm will post sales of $20.02 billion per share, with estimates ranging from $19.12 billion to $20.82 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for Avnet.
Avnet (NYSE:AVT) last released its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same period in the previous year, the business earned $0.84 EPS. Avnet’s revenue was up 9.8% compared to the same quarter last year.
A number of research analysts recently weighed in on the stock. Pivotal Research reiterated a “buy” rating and issued a $50.00 price objective on shares of Avnet in a research note on Friday, June 22nd. TheStreet upgraded shares of Avnet from a “c+” rating to a “b” rating in a research note on Thursday, August 9th. Goldman Sachs Group lowered shares of Avnet from a “neutral” rating to a “sell” rating in a research report on Thursday, May 31st. Bank of America upgraded shares of Avnet from a “neutral” rating to a “buy” rating and boosted their price target for the company from $44.00 to $55.00 in a research report on Friday, August 10th. Finally, Wells Fargo & Co started coverage on shares of Avnet in a research report on Tuesday, July 17th. They set a “market perform” rating and a $47.00 price target for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $45.14.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC purchased a new position in shares of Avnet during the 1st quarter valued at $103,000. CIBC World Markets Inc. purchased a new position in Avnet in the second quarter worth $201,000. Jane Street Group LLC purchased a new position in Avnet in the second quarter worth $210,000. Foster & Motley Inc. purchased a new position in Avnet in the second quarter worth $226,000. Finally, IFM Investors Pty Ltd purchased a new position in Avnet in the second quarter worth $266,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
Avnet stock traded down $0.29 during mid-day trading on Tuesday, reaching $47.66. The company’s stock had a trading volume of 22,924 shares, compared to its average volume of 918,271. Avnet has a 12-month low of $36.46 and a 12-month high of $49.40. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 14.70, a P/E/G ratio of 1.08 and a beta of 0.99. 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 company also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Stockholders of record on Monday, September 10th will be given a dividend of $0.20 per share. This is a positive change from Avnet’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Friday, September 7th. Avnet’s payout ratio is 23.46%.
Avnet declared that its board has approved a share repurchase plan on Wednesday, August 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the technology company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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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