Analysts Anticipate Avnet (AVT) to Announce $1.00 Earnings Per Share

Wall Street analysts expect Avnet (NYSE:AVT) to report earnings of $1.00 per share for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Avnet’s earnings, with the lowest EPS estimate coming in at $0.97 and the highest estimate coming in at $1.04. Avnet posted earnings per share of $0.76 in the same quarter last year, which would indicate a positive year over year growth rate of 31.6%. The company is expected to announce its next quarterly earnings report on Thursday, October 25th.

On average, analysts expect that Avnet will report full year earnings of $4.20 per share for the current fiscal year, with EPS estimates ranging from $4.15 to $4.26. For the next financial year, analysts expect that the company will post earnings of $4.53 per share, with EPS estimates ranging from $4.27 to $5.00. Zacks’ EPS calculations are an average based on a survey of research firms that follow Avnet.

Avnet (NYSE:AVT) last posted its earnings results on Wednesday, August 8th. The technology company reported $0.99 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.98 by $0.01. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $4.85 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year.

Several research firms have recently weighed in on AVT. Pivotal Research reaffirmed a “buy” rating and issued a $50.00 target price on shares of Avnet in a report on Friday, June 22nd. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday, June 27th. Wells Fargo & Co began coverage on shares of Avnet in a report on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 target price on the stock. Citigroup upped their target price on shares of Avnet from $37.00 to $39.00 and gave the stock a “sell” rating in a report on Thursday, August 9th. Finally, Goldman Sachs Group lowered shares of Avnet from a “neutral” rating to a “sell” rating in a report on Thursday, May 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $45.14.

AVT opened at $47.11 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 2.75. Avnet has a twelve month low of $38.12 and a twelve month high of $49.40. The stock has a market capitalization of $4.63 billion, a PE ratio of 14.54, a PEG ratio of 1.08 and a beta of 0.99.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 20th. Investors of record on Monday, September 10th were given a dividend of $0.20 per share. This is an increase from Avnet’s previous quarterly dividend of $0.19. The ex-dividend date was Friday, September 7th. This represents a $0.80 annualized dividend and a yield of 1.70%. Avnet’s dividend payout ratio is 24.69%.

Avnet declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 29th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

In related news, insider Maryann G. Miller sold 15,024 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $47.99, for a total transaction of $721,001.76. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.65% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of AVT. Janus Henderson Group PLC lifted its position in Avnet by 42.1% during the 2nd quarter. Janus Henderson Group PLC now owns 2,987,471 shares of the technology company’s stock worth $128,133,000 after buying an additional 885,004 shares in the last quarter. FMR LLC lifted its position in Avnet by 9.6% during the 2nd quarter. FMR LLC now owns 2,897,287 shares of the technology company’s stock worth $124,265,000 after buying an additional 254,220 shares in the last quarter. State of Tennessee Treasury Department lifted its position in Avnet by 390.1% during the 1st quarter. State of Tennessee Treasury Department now owns 238,700 shares of the technology company’s stock worth $9,968,000 after buying an additional 190,000 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in Avnet by 2,515.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 170,426 shares of the technology company’s stock worth $7,310,000 after buying an additional 163,909 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Avnet by 20.5% during the 1st quarter. Wells Fargo & Company MN now owns 826,232 shares of the technology company’s stock worth $34,505,000 after buying an additional 140,647 shares in the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

About Avnet

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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