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.
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%.
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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