Avnet, Inc. (NASDAQ:AVT) Expected to Announce Earnings of $1.08 Per Share

Analysts expect that Avnet, Inc. (NASDAQ:AVT) will announce earnings of $1.08 per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Avnet’s earnings. The lowest EPS estimate is $1.06 and the highest is $1.10. Avnet reported earnings per share of $0.36 during the same quarter last year, which indicates a positive year over year growth rate of 200%. The company is expected to report its next quarterly earnings results after the market closes on Thursday, October 28th.

According to Zacks, analysts expect that Avnet will report full-year earnings of $4.36 per share for the current year, with EPS estimates ranging from $4.09 to $4.55. For the next fiscal year, analysts anticipate that the company will post earnings of $4.71 per share, with EPS estimates ranging from $4.54 to $4.85. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Avnet.

Avnet (NASDAQ:AVT) last posted its quarterly earnings data on Tuesday, August 10th. The company reported $1.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.27. The company had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.20 billion. Avnet had a net margin of 0.99% and a return on equity of 6.91%. During the same period in the prior year, the business posted $0.64 earnings per share.

AVT has been the subject of a number of recent research reports. TheStreet cut shares of Avnet from a “b” rating to a “c+” rating in a research report on Wednesday, August 11th. Raymond James increased their target price on shares of Avnet from $50.00 to $52.00 and gave the company a “strong-buy” rating in a research report on Thursday, August 12th. Truist reduced their target price on shares of Avnet from $45.00 to $40.00 and set a “hold” rating for the company in a research report on Thursday, October 7th. Truist Securities dropped their price objective on shares of Avnet from $45.00 to $40.00 and set a “hold” rating for the company in a report on Thursday, October 7th. Finally, Bank of America dropped their price objective on shares of Avnet from $49.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, October 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Avnet currently has a consensus rating of “Hold” and an average target price of $40.00.

Shares of NASDAQ AVT traded up $0.68 during mid-day trading on Friday, reaching $37.29. The company’s stock had a trading volume of 21,844 shares, compared to its average volume of 741,309. The business has a 50-day simple moving average of $38.66. The firm has a market cap of $3.71 billion, a PE ratio of 19.17, a P/E/G ratio of 0.35 and a beta of 1.52. The company has a quick ratio of 1.29, a current ratio of 2.34 and a debt-to-equity ratio of 0.29. Avnet has a 1-year low of $24.30 and a 1-year high of $45.43.

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 21st. Shareholders of record on Tuesday, September 7th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.57%. The ex-dividend date was Friday, September 3rd. This is a positive change from Avnet’s previous quarterly dividend of $0.22. Avnet’s dividend payout ratio (DPR) is 35.42%.

In other Avnet news, VP Elizabeth Mcmullen sold 3,251 shares of the stock in a transaction dated Monday, September 13th. The shares were sold at an average price of $38.47, for a total transaction of $125,065.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Mackenzie Financial Corp lifted its position in shares of Avnet by 3.7% during the second quarter. Mackenzie Financial Corp now owns 103,506 shares of the company’s stock worth $4,149,000 after purchasing an additional 3,700 shares in the last quarter. TCW Group Inc. lifted its position in shares of Avnet by 47.3% during the second quarter. TCW Group Inc. now owns 52,457 shares of the company’s stock worth $2,102,000 after purchasing an additional 16,843 shares in the last quarter. Citigroup Inc. lifted its position in shares of Avnet by 67.2% during the second quarter. Citigroup Inc. now owns 64,882 shares of the company’s stock worth $2,600,000 after purchasing an additional 26,070 shares in the last quarter. AlphaCrest Capital Management LLC acquired a new stake in shares of Avnet during the second quarter worth about $1,592,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Avnet by 44.7% during the second quarter. Envestnet Asset Management Inc. now owns 43,849 shares of the company’s stock worth $1,757,000 after purchasing an additional 13,539 shares in the last quarter. 94.89% of the stock is currently owned by institutional investors and hedge funds.

About Avnet

Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronics Components and Farnell segments. The Electronics Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment involves in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

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