$4.43 Billion in Sales Expected for Avnet, Inc. (AVT) This Quarter

Wall Street analysts forecast that Avnet, Inc. (NYSE:AVT) will post $4.43 billion in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Avnet’s earnings, with estimates ranging from $4.41 billion to $4.50 billion. Avnet reported sales of $4.27 billion during the same quarter last year, which would suggest a positive year over year growth rate of 3.7%. The firm is expected to issue its next earnings report on Thursday, January 25th.

On average, analysts expect that Avnet will report full year sales of $4.43 billion for the current year, with estimates ranging from $18.29 billion to $18.35 billion. For the next fiscal year, analysts forecast that the business will report sales of $18.72 billion per share, with estimates ranging from $18.65 billion to $18.79 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Avnet.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The company had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a net margin of 2.86% and a return on equity of 8.20%. The company’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.91 earnings per share.

Several equities analysts have recently weighed in on the stock. TheStreet raised shares of Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. Cross Research raised shares of Avnet from a “sell” rating to a “hold” rating in a research report on Friday, October 27th. Citigroup Inc. raised their price target on shares of Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research report on Friday, October 27th. Stifel Nicolaus raised their price target on shares of Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Finally, Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a research report on Tuesday, October 10th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $40.29.

In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.65% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in AVT. Pacad Investment Ltd. bought a new position in Avnet in the 2nd quarter valued at about $113,000. Daiwa Securities Group Inc. increased its holdings in Avnet by 21.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after buying an additional 700 shares during the period. Riverhead Capital Management LLC increased its holdings in Avnet by 50.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after buying an additional 1,559 shares during the period. Toronto Dominion Bank increased its holdings in Avnet by 233.3% in the 3rd quarter. Toronto Dominion Bank now owns 5,279 shares of the technology company’s stock valued at $207,000 after buying an additional 3,695 shares during the period. Finally, M&T Bank Corp bought a new position in Avnet in the 2nd quarter valued at about $208,000. 91.91% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Avnet (NYSE:AVT) traded down $0.37 on Wednesday, hitting $38.84. 891,600 shares of the stock traded hands, compared to its average volume of 1,121,196. The company has a market capitalization of $4,741.56, a price-to-earnings ratio of 12.06, a PEG ratio of 1.28 and a beta of 1.08. Avnet has a 52 week low of $35.67 and a 52 week high of $51.50. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.78 and a quick ratio of 1.63.

Avnet declared that its board has approved a stock repurchase plan on Friday, November 10th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Investors of record on Wednesday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date is Tuesday, December 5th. Avnet’s dividend payout ratio is 17.96%.

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Avnet Company Profile

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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Earnings History and Estimates for Avnet (NYSE:AVT)

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