Wall Street analysts predict that Avnet (NYSE:AVT) will report earnings per share of $0.96 for the current quarter, according to Zacks Investment Research. Four analysts have provided estimates for Avnet’s earnings, with the lowest EPS estimate coming in at $0.94 and the highest estimate coming in at $0.99. Avnet posted earnings per share of $0.84 in the same quarter last year, which would suggest a positive year-over-year growth rate of 14.3%. The firm is scheduled to report its next earnings report on Wednesday, August 8th.
According to Zacks, analysts expect that Avnet will report full year earnings of $3.52 per share for the current financial year, with EPS estimates ranging from $3.50 to $3.55. For the next financial year, analysts expect that the company will post earnings of $4.04 per share, with EPS estimates ranging from $3.80 to $4.23. Zacks’ EPS calculations are an average based on a survey of research analysts that follow Avnet.
Avnet (NYSE:AVT) last released its earnings results on Thursday, April 26th. The technology company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.06. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.83 billion. During the same period last year, the company posted $0.88 EPS. The business’s revenue was up 8.0% on a year-over-year basis.
A number of analysts have recently issued reports on the stock. Goldman Sachs downgraded shares of Avnet from a “neutral” rating to a “sell” rating and set a $34.00 price target for the company. in a report on Wednesday, May 16th. TheStreet downgraded shares of Avnet from a “b” rating to a “c+” rating in a report on Wednesday, May 2nd. Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a report on Tuesday, May 1st. Pivotal Research restated a “hold” rating and set a $42.00 price target on shares of Avnet in a report on Thursday, April 26th. Finally, Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating in a report on Wednesday, April 25th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the stock. Avnet presently has an average rating of “Hold” and an average price target of $39.71.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Caisse DE Depot ET Placement DU Quebec increased its holdings in Avnet by 5.4% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 190,900 shares of the technology company’s stock valued at $7,563,000 after purchasing an additional 9,700 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Avnet in the 4th quarter valued at approximately $3,031,000. Cerebellum GP LLC acquired a new stake in Avnet in the 4th quarter valued at approximately $3,489,000. Itau Unibanco Holding S.A. increased its holdings in Avnet by 67.2% in the 4th quarter. Itau Unibanco Holding S.A. now owns 13,672 shares of the technology company’s stock valued at $542,000 after purchasing an additional 5,495 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Avnet by 10.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 200,894 shares of the technology company’s stock valued at $7,960,000 after purchasing an additional 19,751 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.
Avnet traded up $0.43, reaching $39.48, during trading on Monday, according to Marketbeat Ratings. The company’s stock had a trading volume of 20,913 shares, compared to its average volume of 894,703. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 12.19, a price-to-earnings-growth ratio of 1.08 and a beta of 0.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.58. Avnet has a 1 year low of $35.67 and a 1 year high of $44.85.
Avnet Company Profile
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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