Avnet (NASDAQ:AVT) Issues Q4 Earnings Guidance

Avnet (NASDAQ:AVTGet Rating) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $1.90-$2.00 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.50. The company issued revenue guidance of $6.0-$6.4 billion, compared to the consensus revenue estimate of $5.78 billion.

NASDAQ:AVT traded down $0.16 during trading hours on Friday, reaching $43.66. 1,323,485 shares of the company traded hands, compared to its average volume of 546,019. The business’s 50-day moving average price is $40.52 and its two-hundred day moving average price is $39.95. The stock has a market capitalization of $4.32 billion, a P/E ratio of 8.25, a P/E/G 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 $45.51. The company has a current ratio of 2.15, a quick ratio of 1.19 and a debt-to-equity ratio of 0.27.

Avnet (NASDAQ:AVTGet Rating) last announced its quarterly earnings data on Wednesday, April 27th. The company reported $2.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.52 by $0.63. The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $5.71 billion. Avnet had a return on equity of 14.50% and a net margin of 2.29%. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.74 earnings per share. As a group, equities analysts anticipate that Avnet will post 5.67 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 16th. Stockholders of record on Wednesday, March 2nd were issued a dividend of $0.26 per share. This is an increase from Avnet’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Tuesday, March 1st. Avnet’s dividend payout ratio is presently 19.66%.

A number of equities analysts have weighed in on the company. Zacks Investment Research lowered Avnet from a buy rating to a hold rating and set a $42.00 target price for the company. in a research report on Tuesday, April 5th. Raymond James upped their target price on shares of Avnet from $52.00 to $57.00 and gave the company a strong-buy rating in a research note on Thursday, January 27th. Finally, Truist Financial lowered their target price 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 investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $47.20.

In other news, VP Elizabeth Mcmullen sold 8,000 shares of the stock in a transaction that occurred on Thursday, February 3rd. The shares were sold at an average price of $41.00, for a total value of $328,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.10% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the stock. LPL Financial LLC increased its holdings in Avnet by 14.7% in the 3rd quarter. LPL Financial LLC now owns 8,569 shares of the company’s stock worth $317,000 after acquiring an additional 1,097 shares in the last quarter. Synovus Financial Corp increased its holdings in Avnet by 3.6% in the 4th quarter. Synovus Financial Corp now owns 9,567 shares of the company’s stock worth $390,000 after acquiring an additional 334 shares in the last quarter. Jane Street Group LLC purchased a new stake in Avnet in the 3rd quarter worth approximately $592,000. Metropolitan Life Insurance Co NY increased its holdings in Avnet by 9.7% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 17,751 shares of the company’s stock worth $732,000 after acquiring an additional 1,563 shares in the last quarter. Finally, OLD Mission Capital LLC purchased a new stake in Avnet during the 3rd quarter valued at approximately $710,000. 96.81% of the stock is owned by institutional investors.

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.

See Also

Earnings History and Estimates for Avnet (NASDAQ:AVT)

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