Wall Street analysts expect that Avnet (NYSE:AVT) will post sales of $4.83 billion for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Avnet’s earnings, with estimates ranging from $4.80 billion to $4.85 billion. Avnet posted sales of $4.61 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 4.8%. The business is expected to announce its next earnings results on Wednesday, August 8th.
According to Zacks, analysts expect that Avnet will report full year sales of $18.81 billion for the current financial year, with estimates ranging from $18.78 billion to $18.84 billion. For the next financial year, analysts forecast that the company will post sales of $19.41 billion per share, with estimates ranging from $19.11 billion to $19.64 billion. Zacks’ sales averages are an average based on a survey of research firms that follow Avnet.
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Avnet (NYSE:AVT) last posted its earnings results on Thursday, April 26th. The technology company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.06. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%. The business had revenue of $4.80 billion during the quarter, compared to the consensus estimate of $4.83 billion. During the same period in the previous year, the business earned $0.88 EPS. The business’s quarterly revenue was up 8.0% on a year-over-year basis.
Several research firms have recently weighed in on AVT. Pivotal Research reissued a “hold” rating and issued a $42.00 target price on shares of Avnet in a report on Thursday, April 26th. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Thursday, April 12th. TheStreet downgraded Avnet from a “b” rating to a “c+” rating in a report on Wednesday, May 2nd. Goldman Sachs Group downgraded Avnet from a “neutral” rating to a “sell” rating in a report on Thursday, May 31st. Finally, Bank of America raised Avnet from an “underperform” rating to a “neutral” rating in a report on Wednesday, April 25th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $42.14.
Shares of Avnet traded down $0.77, hitting $43.61, on Friday, Marketbeat reports. The stock had a trading volume of 855,245 shares, compared to its average volume of 924,148. Avnet has a 52-week low of $35.67 and a 52-week high of $44.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.58 and a current ratio of 2.75. The company has a market capitalization of $4.63 billion, a P/E ratio of 13.46, a PEG ratio of 1.08 and a beta of 0.99.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. raised its stake in Avnet by 1.2% during the 1st quarter. BlackRock Inc. now owns 11,792,857 shares of the technology company’s stock valued at $492,470,000 after acquiring an additional 139,198 shares during the last quarter. Pzena Investment Management LLC raised its stake in Avnet by 1.7% during the 1st quarter. Pzena Investment Management LLC now owns 9,181,546 shares of the technology company’s stock valued at $383,421,000 after acquiring an additional 149,923 shares during the last quarter. Boston Partners raised its stake in Avnet by 2,956.0% during the 1st quarter. Boston Partners now owns 5,691,279 shares of the technology company’s stock valued at $237,668,000 after acquiring an additional 5,505,045 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in Avnet by 1.1% during the 1st quarter. Fort Washington Investment Advisors Inc. OH now owns 1,689,121 shares of the technology company’s stock valued at $70,538,000 after acquiring an additional 17,693 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Avnet by 8.5% during the 1st quarter. Russell Investments Group Ltd. now owns 1,587,673 shares of the technology company’s stock valued at $66,157,000 after acquiring an additional 123,803 shares during the last quarter. 96.44% of the stock is owned by hedge funds and other institutional investors.
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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