Brokerages Anticipate Avnet (AVT) to Announce $1.05 EPS

Brokerages predict that Avnet (NYSE:AVT) will report earnings per share (EPS) of $1.05 for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Avnet’s earnings. The lowest EPS estimate is $1.04 and the highest is $1.07. Avnet posted earnings of $0.99 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 6.1%. The company is expected to issue its next quarterly earnings results on Wednesday, August 14th.

On average, analysts expect that Avnet will report full-year earnings of $4.21 per share for the current year, with EPS estimates ranging from $4.20 to $4.23. For the next year, analysts anticipate that the business will report earnings of $4.59 per share, with EPS estimates ranging from $4.45 to $4.83. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that follow Avnet.

Avnet (NYSE:AVT) last announced its earnings results on Thursday, April 25th. The technology company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.75 billion. The firm’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period last year, the firm earned $1.02 earnings per share.

Several research firms recently weighed in on AVT. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Citigroup set a $47.00 price target on Avnet and gave the company a “hold” rating in a research report on Friday, April 26th. Finally, TheStreet raised Avnet from a “c+” rating to a “b-” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $46.50.

Shares of Avnet stock traded down $0.65 on Thursday, reaching $45.79. 504,473 shares of the company were exchanged, compared to its average volume of 754,633. Avnet has a fifty-two week low of $33.55 and a fifty-two week high of $49.40.

In related news, Director James A. Lawrence sold 187,495 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $47.48, for a total transaction of $8,902,262.60. Following the transaction, the director now directly owns 616,392 shares of the company’s stock, valued at $29,266,292.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kenneth A. Jacobson sold 7,796 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $47.92, for a total value of $373,584.32. The disclosure for this sale can be found here. 1.65% of the stock is currently owned by insiders.

A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in Avnet by 14.3% in the third quarter. JPMorgan Chase & Co. now owns 434,806 shares of the technology company’s stock valued at $19,468,000 after purchasing an additional 54,489 shares in the last quarter. Renaissance Technologies LLC bought a new position in Avnet in the 3rd quarter valued at $4,625,000. Jane Street Group LLC boosted its position in Avnet by 42.9% in the 3rd quarter. Jane Street Group LLC now owns 6,983 shares of the technology company’s stock valued at $313,000 after buying an additional 2,095 shares during the last quarter. Man Group plc bought a new position in Avnet in the 3rd quarter valued at $5,010,000. Finally, Thrivent Financial for Lutherans boosted its position in Avnet by 5.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 28,459 shares of the technology company’s stock valued at $1,274,000 after buying an additional 1,577 shares during the last quarter. 96.44% of the stock is currently owned by hedge funds and other institutional investors.

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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Earnings History and Estimates for Avnet (NYSE:AVT)

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