Zacks: Brokerages Expect Avnet, Inc. (NASDAQ:AVT) to Post $1.51 EPS

Equities analysts expect that Avnet, Inc. (NASDAQ:AVTGet Rating) will report $1.51 earnings per share (EPS) for the current quarter, according to Zacks. Three analysts have made estimates for Avnet’s earnings, with estimates ranging from $1.49 to $1.52. Avnet reported earnings of $0.74 per share during the same quarter last year, which indicates a positive year over year growth rate of 104.1%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Avnet will report full year earnings of $5.67 per share for the current year, with EPS estimates ranging from $5.47 to $5.74. For the next year, analysts expect that the company will report earnings of $5.64 per share, with EPS estimates ranging from $4.22 to $6.50. Zacks’ EPS averages are an average based on a survey of sell-side analysts that follow Avnet.

Avnet (NASDAQ:AVTGet Rating) last announced its quarterly earnings results on Wednesday, January 26th. The company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.26. The firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Avnet had a net margin of 2.11% and a return on equity of 11.28%. During the same quarter in the previous year, the company posted $0.48 EPS.

Several brokerages recently issued reports on AVT. Raymond James boosted their price objective on shares of Avnet from $52.00 to $57.00 and gave the company a “strong-buy” rating in a report on Thursday, January 27th. Zacks Investment Research lowered shares of Avnet from a “buy” rating to a “hold” rating and set a $42.00 price target on the stock. in a research note on Tuesday, April 5th. Finally, Truist Financial cut their price target on shares of Avnet from $45.00 to $41.00 and set a “hold” rating on the stock in a research note on Friday, April 8th. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $47.20.

AVT traded down $0.73 on Friday, hitting $38.41. The company had a trading volume of 8,601 shares, compared to its average volume of 637,882. The firm has a market cap of $3.80 billion, a P/E ratio of 8.42, a PEG ratio of 0.24 and a beta of 1.45. Avnet has a 1 year low of $35.71 and a 1 year high of $45.43. The company’s fifty day moving average price is $40.58 and its 200 day moving average price is $39.82. The company has a current ratio of 2.15, a quick ratio of 1.19 and a debt-to-equity ratio of 0.27.

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 16th. Investors of record on Wednesday, March 2nd were issued a dividend of $0.26 per share. The ex-dividend date was Tuesday, March 1st. This is an increase from Avnet’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 2.71%. Avnet’s dividend payout ratio (DPR) is currently 23.01%.

In other Avnet news, VP Elizabeth Mcmullen sold 8,000 shares of the stock in a transaction on Thursday, February 3rd. The stock was sold at an average price of $41.00, for a total value of $328,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.10% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in AVT. Norges Bank purchased a new position in shares of Avnet in the fourth quarter valued at $40,161,000. JPMorgan Chase & Co. increased its position in shares of Avnet by 262.4% in the fourth quarter. JPMorgan Chase & Co. now owns 1,119,812 shares of the company’s stock valued at $46,170,000 after buying an additional 810,797 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of Avnet by 8,388.6% in the third quarter. Allianz Asset Management GmbH now owns 638,171 shares of the company’s stock valued at $23,593,000 after buying an additional 630,653 shares in the last quarter. BlackRock Inc. increased its position in shares of Avnet by 6.9% in the fourth quarter. BlackRock Inc. now owns 9,551,529 shares of the company’s stock valued at $393,810,000 after buying an additional 619,122 shares in the last quarter. Finally, Boston Partners purchased a new position in shares of Avnet in the third quarter valued at $22,726,000. Institutional investors and hedge funds own 96.81% of the company’s stock.

About Avnet (Get Rating)

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

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Earnings History and Estimates for Avnet (NASDAQ:AVT)

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