Avnet, Inc. (NYSE:AVT) updated its first quarter earnings guidance on Wednesday. The company provided earnings per share guidance of $0.67-0.77 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.72. The company issued revenue guidance of $4.15-4.45 billion, compared to the consensus revenue estimate of $4.36 billion.
A number of research firms have recently commented on AVT. Citigroup Inc. reissued a sell rating and set a $31.00 target price on shares of Avnet in a research note on Friday, April 28th. Longbow Research cut shares of Avnet from a buy rating to a neutral rating in a research note on Friday, April 28th. SunTrust Banks, Inc. cut shares of Avnet from a buy rating to a hold rating and dropped their price objective for the company from $53.00 to $39.00 in a research note on Friday, April 28th. Bank of America Corporation cut shares of Avnet from a neutral rating to an underperform rating and dropped their price objective for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Finally, Zacks Investment Research raised shares of Avnet from a sell rating to a hold rating in a research note on Tuesday, July 4th. Six equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $42.11.
Avnet, Inc. (NYSE:AVT) traded down 2.34% during mid-day trading on Friday, hitting $35.95. 1,233,608 shares of the stock traded hands. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 8.80 and a beta of 1.04. Avnet, Inc. has a 12-month low of $35.95 and a 12-month high of $51.50. The firm’s 50-day moving average is $38.53 and its 200-day moving average is $41.29.
Avnet (NYSE:AVT) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.77 by $0.07. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Avnet had a return on equity of 8.87% and a net margin of 3.00%. Avnet’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $0.86 earnings per share. Equities research analysts expect that Avnet, Inc. will post $3.24 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be given a $0.18 dividend. The ex-dividend date is Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 2.00%. Avnet’s dividend payout ratio (DPR) is currently 17.69%.
In other news, Director James A. Lawrence bought 408,451 shares of Avnet stock in a transaction that occurred on Friday, June 2nd. The stock was purchased at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the transaction, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the transaction, the director now directly owns 12,191 shares of the company’s stock, valued at $452,286.10. The disclosure for this sale can be found here. 1.47% of the stock is owned by company insiders.
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Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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