Q3 2017 EPS Estimates for Avnet Inc. (AVT) Lowered by Analyst
Avnet Inc. (NYSE:AVT) – SunTrust Banks reduced their Q3 2017 earnings estimates for shares of Avnet in a research report issued to clients and investors on Tuesday. SunTrust Banks analyst W. Stein now forecasts that the firm will post earnings per share of $0.74 for the quarter, down from their previous forecast of $0.86. SunTrust Banks also issued estimates for Avnet’s Q4 2017 earnings at $0.93 EPS, Q3 2018 earnings at $1.14 EPS, FY2018 earnings at $4.51 EPS and Q1 2019 earnings at $1.32 EPS.
Several other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 31st. Brean Capital reaffirmed a “hold” rating on shares of Avnet in a research report on Sunday, October 30th. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a research report on Friday, October 21st. They noted that the move was a valuation call. Raymond James Financial Inc. raised shares of Avnet from an “outperform” rating to a “strong-buy” rating and set a $52.00 price objective for the company in a research report on Tuesday, October 4th. Finally, Citigroup Inc. lowered their price objective on shares of Avnet from $37.00 to $35.00 and set a “sell” rating for the company in a research report on Thursday, September 22nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $44.22.
Avnet (NYSE:AVT) opened at 45.08 on Wednesday. The firm has a market capitalization of $5.75 billion, a PE ratio of 13.35 and a beta of 1.19. The stock has a 50 day moving average of $42.25 and a 200-day moving average of $41.14. Avnet has a one year low of $37.10 and a one year high of $46.16.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.01. The business earned $6.04 billion during the quarter, compared to the consensus estimate of $6.10 billion. Avnet had a net margin of 1.90% and a return on equity of 11.16%. The company’s revenue was down 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.12 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Tuesday, December 6th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.51%. Avnet’s dividend payout ratio (DPR) is 20.12%.
Several hedge funds and other institutional investors have recently modified their holdings of AVT. BKS Advisors LLC bought a new position in Avnet during the third quarter worth $102,000. Weaver C. Barksdale & Associates Inc. raised its position in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock worth $118,000 after buying an additional 388 shares during the period. Invictus RG bought a new position in Avnet during the second quarter worth $132,000. US Bancorp DE raised its position in Avnet by 57.5% in the third quarter. US Bancorp DE now owns 4,211 shares of the company’s stock worth $173,000 after buying an additional 1,537 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in Avnet during the third quarter worth $202,000. 94.64% of the stock is currently owned by institutional investors.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The Company operates through two segments: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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