Avnet (NASDAQ:AVT) Releases Earnings Results, Misses Estimates By $0.01 EPS

Avnet (NASDAQ:AVT) announced its quarterly earnings data on Wednesday. The company reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01), Briefing.com reports. Avnet had a net margin of 2.62% and a return on equity of 13.60%. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.71 billion. During the same period last year, the business posted $2.00 earnings per share. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. Avnet updated its Q4 guidance to $0.90-1.00 EPS and its Q4 2024 guidance to 0.900-1.000 EPS.

Avnet Stock Down 0.8 %

AVT traded down $0.37 on Thursday, hitting $47.70. The company had a trading volume of 98,295 shares, compared to its average volume of 583,915. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.34 and a quick ratio of 1.05. Avnet has a 52-week low of $40.44 and a 52-week high of $51.65. The stock has a fifty day simple moving average of $47.77 and a 200-day simple moving average of $47.37. The firm has a market capitalization of $4.31 billion, a P/E ratio of 6.55, a P/E/G ratio of 0.65 and a beta of 1.21.

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were issued a $0.31 dividend. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.60%. Avnet’s dividend payout ratio (DPR) is presently 17.13%.

Analyst Ratings Changes

Several analysts recently issued reports on AVT shares. The Goldman Sachs Group cut their target price on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Truist Financial cut their target price on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $45.00.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.