Research Analysts Issue Forecasts for Avnet Inc.’s Q2 2017 Earnings (AVT)
Avnet Inc. (NYSE:AVT) – Analysts at SunTrust Banks increased their Q2 2017 EPS estimates for Avnet in a research note issued to investors on Tuesday. SunTrust Banks analyst W. Stein now anticipates that the firm will post earnings of $0.74 per share for the quarter, up from their prior forecast of $0.73. SunTrust Banks also issued estimates for Avnet’s FY2017 earnings at $3.16 EPS, Q1 2018 earnings at $1.03 EPS, Q2 2018 earnings at $1.10 EPS and Q4 2018 earnings at $1.25 EPS.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, October 27th. The company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.01. Avnet had a return on equity of 11.16% and a net margin of 1.90%. The firm had revenue of $6.04 billion for the quarter, compared to the consensus estimate of $6.10 billion. During the same quarter in the prior year, the business earned $1.12 EPS. The business’s revenue for the quarter was down 13.3% on a year-over-year basis.
A number of other brokerages have also weighed in on AVT. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating and set a $48.00 price objective for the company in a research report on Thursday, October 20th. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating and lowered their price target for the company from $47.00 to $44.00 in a report on Tuesday, September 20th. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, October 21st. They noted that the move was a valuation call. Finally, Brean Capital reaffirmed a “hold” rating on shares of Avnet in a report on Sunday, October 30th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $44.22.
Avnet (NYSE:AVT) opened at 45.08 on Thursday. The stock has a market cap of $5.75 billion, a P/E ratio of 13.35 and a beta of 1.19. The firm’s 50 day moving average price is $42.25 and its 200-day moving average price is $41.14. Avnet has a 12-month low of $37.10 and a 12-month high of $46.16.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Tuesday, December 6th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.51%. Avnet’s payout ratio is currently 20.12%.
Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Avnet by 5.7% in the second quarter. Vanguard Group Inc. now owns 11,108,072 shares of the company’s stock valued at $449,988,000 after buying an additional 594,619 shares during the last quarter. BlackRock Fund Advisors increased its stake in shares of Avnet by 3.7% in the third quarter. BlackRock Fund Advisors now owns 4,640,706 shares of the company’s stock valued at $190,547,000 after buying an additional 165,330 shares during the last quarter. Pzena Investment Management LLC increased its stake in shares of Avnet by 5.8% in the third quarter. Pzena Investment Management LLC now owns 4,586,045 shares of the company’s stock valued at $188,303,000 after buying an additional 250,133 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Avnet by 7.3% in the second quarter. Dimensional Fund Advisors LP now owns 4,182,888 shares of the company’s stock valued at $169,438,000 after buying an additional 286,334 shares during the last quarter. Finally, Longview Partners Guernsey LTD increased its stake in shares of Avnet by 2.1% in the third quarter. Longview Partners Guernsey LTD now owns 3,724,884 shares of the company’s stock valued at $152,944,000 after buying an additional 76,695 shares during the last quarter. 94.64% of the stock is owned by institutional investors and hedge funds.
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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