Brokerages Expect Avnet, Inc. (AVT) to Post $0.96 Earnings Per Share
Equities analysts forecast that Avnet, Inc. (NYSE:AVT) will announce earnings of $0.96 per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Avnet’s earnings. The lowest EPS estimate is $0.95 and the highest is $0.97. Avnet reported earnings of $0.88 per share in the same quarter last year, which indicates a positive year over year growth rate of 9.1%. The company is scheduled to report its next quarterly earnings report on Thursday, April 26th.
According to Zacks, analysts expect that Avnet will report full-year earnings of $3.47 per share for the current fiscal year, with EPS estimates ranging from $3.43 to $3.51. For the next year, analysts anticipate that the company will post earnings of $4.02 per share, with EPS estimates ranging from $3.75 to $4.39. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Avnet.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.06. Avnet had a net margin of 2.51% and a return on equity of 7.87%. The firm had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.46 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Avnet’s quarterly revenue was up 5.8% on a year-over-year basis.
Shares of Avnet (NYSE AVT) opened at $44.21 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56. Avnet has a 1-year low of $35.67 and a 1-year high of $46.61. The stock has a market cap of $5,325.57, a PE ratio of 12.25, a P/E/G ratio of 1.42 and a beta of 0.97.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 27th. Shareholders of record on Tuesday, March 13th will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, March 12th. This represents a $0.76 dividend on an annualized basis and a yield of 1.72%. This is a boost from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio is presently 21.05%.
In other Avnet news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total value of $61,452.37. Following the transaction, the insider now owns 5,354 shares of the company’s stock, valued at $217,747.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $42.00, for a total transaction of $600,264.00. Following the completion of the transaction, the insider now directly owns 22,178 shares in the company, valued at approximately $931,476. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Pzena Investment Management LLC lifted its position in shares of Avnet by 10.8% during the fourth quarter. Pzena Investment Management LLC now owns 9,031,623 shares of the technology company’s stock worth $357,833,000 after purchasing an additional 877,612 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Avnet by 2.3% during the fourth quarter. Alliancebernstein L.P. now owns 1,873,654 shares of the technology company’s stock worth $74,234,000 after purchasing an additional 42,577 shares in the last quarter. LSV Asset Management lifted its position in shares of Avnet by 5.0% during the fourth quarter. LSV Asset Management now owns 1,470,300 shares of the technology company’s stock worth $58,253,000 after purchasing an additional 69,700 shares in the last quarter. Prudential Financial Inc. lifted its position in shares of Avnet by 19.2% during the third quarter. Prudential Financial Inc. now owns 1,377,344 shares of the technology company’s stock worth $54,130,000 after purchasing an additional 222,109 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Avnet by 28.6% during the fourth quarter. Deutsche Bank AG now owns 1,202,803 shares of the technology company’s stock worth $47,653,000 after purchasing an additional 267,755 shares in the last quarter. 96.38% of the stock is currently owned by institutional investors and hedge funds.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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