$5.04 Billion in Sales Expected for Avnet (AVT) This Quarter

Analysts expect that Avnet (NYSE:AVT) will announce $5.04 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Avnet’s earnings. The highest sales estimate is $5.10 billion and the lowest is $4.96 billion. Avnet reported sales of $4.52 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 11.5%. The company is expected to report its next earnings results on Thursday, January 24th.

According to Zacks, analysts expect that Avnet will report full-year sales of $20.18 billion for the current fiscal year, with estimates ranging from $19.91 billion to $20.53 billion. For the next year, analysts anticipate that the company will post sales of $20.23 billion, with estimates ranging from $19.82 billion to $20.97 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Avnet.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 25th. The technology company reported $1.03 earnings per share 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 business had revenue of $5.09 billion for the quarter, compared to the consensus estimate of $5.03 billion.

A number of research analysts recently weighed in on AVT shares. Citigroup raised their price objective on Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a research note on Thursday, August 9th. TheStreet downgraded Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. Wells Fargo & Co began coverage on Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 price objective on the stock. Finally, Bank of America raised 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 report on Friday, August 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Avnet has a consensus rating of “Hold” and a consensus price target of $45.67.

In other Avnet 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 value of $721,001.76. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.65% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Alpha Windward LLC grew its holdings in shares of Avnet by 9.1% during the 2nd quarter. Alpha Windward LLC now owns 14,029 shares of the technology company’s stock worth $602,000 after purchasing an additional 1,172 shares in the last quarter. Balasa Dinverno & Foltz LLC grew its holdings in shares of Avnet by 19.9% during the 2nd quarter. Balasa Dinverno & Foltz LLC now owns 7,271 shares of the technology company’s stock worth $312,000 after purchasing an additional 1,205 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of Avnet by 18.1% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 8,145 shares of the technology company’s stock worth $365,000 after purchasing an additional 1,248 shares in the last quarter. Vident Investment Advisory LLC grew its holdings in shares of Avnet by 1.9% during the 2nd quarter. Vident Investment Advisory LLC now owns 86,264 shares of the technology company’s stock worth $3,700,000 after purchasing an additional 1,596 shares in the last quarter. Finally, Natixis grew its holdings in shares of Avnet by 25.5% during the 2nd quarter. Natixis now owns 11,153 shares of the technology company’s stock worth $478,000 after purchasing an additional 2,264 shares in the last quarter. 96.44% of the stock is currently owned by institutional investors.

Shares of AVT stock opened at $40.07 on Thursday. 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 has a twelve month low of $37.11 and a twelve month high of $49.40. The company has a market capitalization of $4.63 billion, a P/E ratio of 12.37, a P/E/G ratio of 1.08 and a beta of 0.99.

Avnet declared that its Board of Directors has approved a stock buyback program on Wednesday, August 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

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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