$1.01 EPS Expected for Avnet (AVT) This Quarter

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Equities research analysts predict that Avnet (NYSE:AVT) will post earnings of $1.01 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Avnet’s earnings, with the lowest EPS estimate coming in at $0.98 and the highest estimate coming in at $1.04. Avnet posted earnings per share of $0.76 in the same quarter last year, which would suggest a positive year over year growth rate of 32.9%. The company is scheduled to announce its next earnings results after the market closes on Thursday, October 25th.

On average, analysts expect that Avnet will report full year earnings of $4.28 per share for the current financial year, with EPS estimates ranging from $4.15 to $4.57. For the next year, analysts expect that the company will post earnings of $4.60 per share, with EPS estimates ranging from $4.32 to $5.00. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that cover Avnet.

Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.01. The company had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $4.85 billion. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. Avnet’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.84 earnings per share.

Several research firms have recently weighed in on AVT. TheStreet cut Avnet from a “b” rating to a “c” rating in a research report on Wednesday. Citigroup upped their price objective on Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a research report on Thursday, August 9th. Pivotal Research raised Avnet from a “hold” rating to a “buy” rating and upped their price objective for the stock from $42.00 to $50.00 in a research report on Friday, June 15th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Bank of America raised Avnet from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $44.00 to $55.00 in a research report on Friday, August 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Avnet has a consensus rating of “Hold” and an average target price of $45.14.

In related news, insider Maryann G. Miller sold 15,024 shares of the company’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.65% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CHICAGO TRUST Co NA bought a new stake in Avnet during the third quarter worth about $207,000. Fox Run Management L.L.C. bought a new stake in Avnet during the third quarter worth about $475,000. Royal London Asset Management Ltd. bought a new stake in Avnet during the second quarter worth about $2,221,000. FMR LLC raised its holdings in Avnet by 9.6% during the second quarter. FMR LLC now owns 2,897,287 shares of the technology company’s stock worth $124,265,000 after acquiring an additional 254,220 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in Avnet during the second quarter worth about $210,000. Institutional investors and hedge funds own 96.44% of the company’s stock.

Shares of AVT stock traded up $0.99 on Friday, hitting $40.47. 1,384,667 shares of the stock were exchanged, compared to its average volume of 951,307. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.58. The stock has a market capitalization of $4.63 billion, a P/E ratio of 12.49, a P/E/G ratio of 1.08 and a beta of 0.99. Avnet has a fifty-two week low of $38.12 and a fifty-two week high of $49.40.

Avnet announced that its board has initiated a stock repurchase program on Wednesday, August 29th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.98%. The ex-dividend date was Friday, September 7th. This is a positive change from Avnet’s previous quarterly dividend of $0.19. Avnet’s dividend payout ratio is presently 24.69%.

About Avnet

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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