Avnet, Inc. (AVT) Releases Earnings Results, Beats Estimates By $0.07 EPS
Avnet, Inc. (NYSE:AVT) posted its quarterly earnings results on Wednesday. The technology company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.07, Bloomberg Earnings reports. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a net margin of 2.83% and a return on equity of 9.24%. Avnet’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.86 earnings per share. Avnet updated its Q1 guidance to $0.67-0.77 EPS.
Shares of Avnet (NYSE AVT) traded down 0.76% during trading on Wednesday, hitting $38.02. 1,507,745 shares of the stock were exchanged. Avnet has a 52 week low of $35.96 and a 52 week high of $51.50. The stock has a market cap of $4.75 billion, a P/E ratio of 9.14 and a beta of 1.04. The firm’s 50 day moving average price is $38.93 and its 200-day moving average price is $41.97.
In related news, Director James A. Lawrence bought 408,451 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the purchase, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin M. Moriarty bought 6,933 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The shares were bought at an average cost of $36.08 per share, for a total transaction of $250,142.64. The disclosure for this purchase can be found here. 1.47% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Weaver C. Barksdale & Associates Inc. raised its position in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after buying an additional 262 shares during the period. Pacad Investment Ltd. bought a new stake in Avnet during the second quarter worth about $113,000. Daiwa Securities Group Inc. increased its stake in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock worth $152,000 after buying an additional 700 shares during the period. CHICAGO TRUST Co NA bought a new stake in Avnet during the first quarter worth about $215,000. Finally, Smith Salley & Associates bought a new stake in Avnet during the first quarter worth about $216,000. 98.73% of the stock is currently owned by hedge funds and other institutional investors.
AVT has been the subject of a number of recent research reports. SunTrust Banks, Inc. cut shares of Avnet from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $53.00 to $39.00 in a report on Friday, April 28th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a report on Friday, April 28th. Citigroup Inc. restated a “sell” rating and set a $31.00 price target on shares of Avnet in a report on Friday, April 28th. Deutsche Bank AG restated a “hold” rating and set a $40.00 price target (down from $47.00) on shares of Avnet in a report on Saturday, April 29th. Finally, Zacks Investment Research cut shares of Avnet from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 2nd. Six 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 stock. The stock has a consensus rating of “Hold” and an average price target of $42.22.
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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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