$1.03 EPS Expected for Avnet (AVT) This Quarter

Brokerages expect Avnet (NYSE:AVT) to post earnings per share of $1.03 for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Avnet’s earnings. The highest EPS estimate is $1.05 and the lowest is $1.00. Avnet posted earnings per share of $0.78 during the same quarter last year, which indicates a positive year-over-year growth rate of 32.1%. The company is scheduled to report its next earnings report on Thursday, January 24th.

On average, analysts expect that Avnet will report full-year earnings of $4.27 per share for the current financial year, with EPS estimates ranging from $4.05 to $4.57. For the next fiscal year, analysts anticipate that the business will report earnings of $4.55 per share, with EPS estimates ranging from $4.35 to $5.00. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research firms that that provide coverage for Avnet.

Avnet (NYSE:AVT) last released its earnings results on Thursday, October 25th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5.03 billion.

Several analysts have recently weighed in on AVT shares. Bank of America raised Avnet from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $44.00 to $55.00 in a report on Friday, August 10th. TheStreet raised Avnet from a “c+” rating to a “b” rating in a report on Thursday, August 9th. Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating in a report on Wednesday, October 10th. Citigroup raised Avnet from a “sell” rating to a “neutral” rating in a report on Friday. Finally, Wells Fargo & Co started coverage on Avnet in a report on Tuesday, July 17th. They set a “market perform” rating and a $47.00 price objective on the stock. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $45.67.

Shares of NYSE:AVT traded up $0.90 during trading on Tuesday, hitting $39.13. 66,359 shares of the stock were exchanged, compared to its average volume of 955,925. Avnet has a 1-year low of $37.11 and a 1-year high of $49.40. The firm has a market capitalization of $4.63 billion, a PE ratio of 12.08, a PEG 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.

Avnet announced that its Board of Directors has authorized a stock buyback program on Wednesday, August 29th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

In other news, insider Maryann G. Miller sold 15,024 shares of Avnet stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.65% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the stock. CHICAGO TRUST Co NA bought a new position in shares of Avnet during the 3rd quarter worth approximately $207,000. CIBC World Markets Inc. bought a new position in shares of Avnet during the 2nd quarter worth approximately $201,000. Jane Street Group LLC bought a new position in shares of Avnet during the 2nd quarter worth approximately $210,000. Foster & Motley Inc. bought a new position in shares of Avnet during the 2nd quarter worth approximately $226,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Avnet during the 2nd quarter worth approximately $266,000. Institutional investors and hedge funds 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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