Zacks: Brokerages Expect Avnet (NYSE:AVT) Will Post Earnings of $0.65 Per Share

Wall Street brokerages expect that Avnet (NYSE:AVT) will report earnings of $0.65 per share for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Avnet’s earnings, with the highest EPS estimate coming in at $0.67 and the lowest estimate coming in at $0.64. Avnet reported earnings of $1.03 per share during the same quarter last year, which would suggest a negative year-over-year growth rate of 36.9%. The company is expected to report its next quarterly earnings results after the market closes on Thursday, October 24th.

According to Zacks, analysts expect that Avnet will report full-year earnings of $3.20 per share for the current year, with EPS estimates ranging from $2.90 to $3.51. For the next financial year, analysts anticipate that the company will post earnings of $4.20 per share, with EPS estimates ranging from $3.80 to $4.65. Zacks Investment Research’s earnings per share averages are an average based on a survey of analysts that that provide coverage for Avnet.

Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, August 8th. The technology company reported $0.95 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.05). The business had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.61 billion. The firm’s revenue for the quarter was down 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.99 earnings per share.

Several research analysts have commented on the company. TheStreet lowered Avnet from a “b” rating to a “c+” rating in a research report on Thursday, August 8th. SunTrust Banks lowered their target price on Avnet to $39.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, October 4th. Raymond James lowered their target price on Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 9th. Finally, Bank of America reiterated a “buy” rating and issued a $47.00 target price (down from $50.00) on shares of Avnet in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Avnet currently has an average rating of “Hold” and a consensus target price of $45.50.

AVT traded up $0.35 during trading on Wednesday, hitting $40.69. 56,711 shares of the stock were exchanged, compared to its average volume of 731,125. Avnet has a 1-year low of $33.55 and a 1-year high of $49.03. The stock has a fifty day moving average price of $42.63 and a two-hundred day moving average price of $43.73.

Avnet announced that its board has authorized a share buyback plan on Monday, August 19th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 11% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were paid a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, September 10th. This is an increase from Avnet’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.06%.

In related news, President Philip R. Gallagher sold 24,184 shares of Avnet stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $43.94, for a total value of $1,062,644.96. Following the sale, the president now directly owns 51,878 shares in the company, valued at $2,279,519.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William H. Schumann sold 13,288 shares of Avnet stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $44.78, for a total value of $595,036.64. The disclosure for this sale can be found here. 1.65% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the stock. Wealthcare Advisory Partners LLC boosted its stake in shares of Avnet by 1,687.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock valued at $32,000 after buying an additional 658 shares in the last quarter. Advisory Services Network LLC boosted its position in Avnet by 1,178.9% during the first quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after purchasing an additional 837 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Avnet during the second quarter worth $74,000. US Bancorp DE boosted its position in Avnet by 39.2% during the second quarter. US Bancorp DE now owns 2,888 shares of the technology company’s stock worth $131,000 after purchasing an additional 813 shares in the last quarter. Finally, NumerixS Investment Technologies Inc boosted its position in Avnet by 40.9% during the second quarter. NumerixS Investment Technologies Inc now owns 3,100 shares of the technology company’s stock worth $140,000 after purchasing an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 96.44% of the company’s stock.

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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Earnings History and Estimates for Avnet (NYSE:AVT)

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