Avnet (NASDAQ:AVT) Updates Q4 Earnings Guidance

Avnet (NASDAQ:AVT) issued an update on its fourth quarter earnings guidance on Tuesday morning. The company provided EPS guidance of $1.01-1.05 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.79. The company issued revenue guidance of $5.28 billion, compared to the consensus revenue estimate of $5.00 billion.Avnet also updated its Q4 2021 guidance to $1.010-$1.050 EPS.

Shares of NASDAQ AVT traded down $0.60 during midday trading on Thursday, hitting $39.64. 5,691 shares of the company’s stock were exchanged, compared to its average volume of 733,587. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.33 and a current ratio of 2.29. The business’s 50 day moving average is $41.69. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 25.15, a P/E/G ratio of 0.52 and a beta of 1.52. Avnet has a twelve month low of $24.30 and a twelve month high of $45.43.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Tuesday, April 27th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.18. The business had revenue of $4.92 billion during the quarter, compared to the consensus estimate of $4.56 billion. Avnet had a return on equity of 4.48% and a net margin of 0.87%. The business’s revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share. As a group, equities research analysts predict that Avnet will post 2.34 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 23rd. Shareholders of record on Wednesday, June 9th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.22%. This is an increase from Avnet’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Tuesday, June 8th. Avnet’s dividend payout ratio is 57.14%.

A number of equities research analysts have weighed in on the company. Raymond James upped their target price on Avnet from $47.00 to $50.00 and gave the stock a strong-buy rating in a research report on Thursday, April 29th. Loop Capital upgraded Avnet from a hold rating to a buy rating and increased their price objective for the company from $39.00 to $53.00 in a research report on Friday, April 30th. Finally, TheStreet upgraded Avnet from a c rating to a b rating in a research report on Wednesday, April 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $38.40.

In other news, insider Leng Jin Chan sold 10,000 shares of the company’s stock in a transaction on Friday, May 7th. The shares were sold at an average price of $44.29, for a total value of $442,900.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Philip R. Gallagher sold 21,152 shares of the company’s stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $42.62, for a total transaction of $901,498.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,140 shares of company stock worth $2,748,057. Company insiders own 1.10% of the company’s stock.

A hedge fund recently bought a new stake in Avnet stock. OLD Mission Capital LLC acquired a new position in Avnet, Inc. (NASDAQ:AVT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 27,475 shares of the company’s stock, valued at approximately $710,000. 96.49% of the stock is currently owned by institutional investors and hedge funds.

About Avnet

Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronics Components and Farnell segments. The Electronics Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment involves in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.

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Earnings History and Estimates for Avnet (NASDAQ:AVT)

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