Avnet, Inc. (NASDAQ:AVT) Expected to Post Quarterly Sales of $6.24 Billion

Equities research analysts predict that Avnet, Inc. (NASDAQ:AVT – Get Rating) will announce $6.24 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Avnet’s earnings, with the lowest sales estimate coming in at $6.20 billion and the highest estimate coming in at $6.31 billion. Avnet reported sales of $5.23 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 19.3%. The firm is expected to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Avnet will report full year sales of $24.18 billion for the current financial year, with estimates ranging from $24.14 billion to $24.25 billion. For the next financial year, analysts expect that the company will post sales of $24.61 billion, with estimates ranging from $22.73 billion to $25.75 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that cover Avnet.

Avnet (NASDAQ:AVT – Get Rating) last released its earnings results on Wednesday, April 27th. The company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.63. Avnet had a return on equity of 14.40% and a net margin of 2.29%. The firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The company’s quarterly revenue was up 32.0% on a year-over-year basis.

AVT has been the topic of a number of research analyst reports. Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating and set a $42.00 price target on the stock. in a research report on Tuesday, April 5th. Truist Financial decreased their price objective on Avnet from $45.00 to $41.00 and set a “hold” rating for the company in a report on Friday, April 8th. Finally, Raymond James increased their price objective on Avnet from $52.00 to $57.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 27th. Three analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $45.75.

Shares of NASDAQ AVT traded down $0.27 during mid-day trading on Friday, reaching $46.30. 1,330,087 shares of the company’s stock were exchanged, compared to its average volume of 976,928. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 8.75, a PEG ratio of 0.18 and a beta of 1.28. The company has a current ratio of 2.02, a quick ratio of 1.12 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $42.21 and a 200 day simple moving average of $40.85. Avnet has a twelve month low of $35.71 and a twelve month high of $48.75.

In other Avnet news, Director William H. Schumann sold 3,856 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $45.20, for a total value of $174,291.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.10% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Pinebridge Investments L.P. boosted its stake in shares of Avnet by 1.3% during the 3rd quarter. Pinebridge Investments L.P. now owns 20,848 shares of the company’s stock worth $771,000 after acquiring an additional 267 shares during the period. NorthCrest Asset Manangement LLC lifted its holdings in Avnet by 2.2% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 14,250 shares of the company’s stock worth $578,000 after purchasing an additional 300 shares during the last quarter. Jane Street Group LLC lifted its holdings in Avnet by 3.9% during the 1st quarter. Jane Street Group LLC now owns 8,498 shares of the company’s stock worth $345,000 after purchasing an additional 317 shares during the last quarter. GW Henssler & Associates Ltd. lifted its holdings in Avnet by 3.5% during the 1st quarter. GW Henssler & Associates Ltd. now owns 9,840 shares of the company’s stock worth $399,000 after purchasing an additional 330 shares during the last quarter. Finally, Synovus Financial Corp lifted its holdings in Avnet by 3.6% during the 4th quarter. Synovus Financial Corp now owns 9,567 shares of the company’s stock worth $390,000 after purchasing an additional 334 shares during the last quarter. Institutional investors own 96.44% of the company’s stock.

About Avnet (Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

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