Brokers Offer Predictions for Avnet’s FY2019 Earnings (AVT)

Avnet (NYSE:AVT) – Equities research analysts at SunTrust Banks raised their FY2019 earnings estimates for shares of Avnet in a report issued on Friday, October 26th. SunTrust Banks analyst W. Stein now anticipates that the technology company will post earnings per share of $4.25 for the year, up from their prior estimate of $4.24.

Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, October 25th. The technology company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.02. The firm had revenue of $5.09 billion for the quarter, compared to analysts’ expectations of $5.03 billion. Avnet had a positive return on equity of 8.08% and a negative net margin of 0.72%.



Several other research analysts have also recently weighed in on the company. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $44.00 to $55.00 in a research report on Friday, August 10th. TheStreet upgraded Avnet from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a research report on Friday, October 26th. Finally, Wells Fargo & Co initiated coverage on Avnet in a report on Tuesday, July 17th. They set a “market perform” rating and a $47.00 target price on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $45.67.

AVT stock opened at $39.06 on Monday. The company has a current ratio of 2.75, a quick ratio of 1.58 and a debt-to-equity ratio of 0.30. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 12.06, a PEG ratio of 1.08 and a beta of 0.99. Avnet has a fifty-two week low of $37.11 and a fifty-two week high of $49.40.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CHICAGO TRUST Co NA acquired a new stake in shares of Avnet during the 3rd quarter worth $207,000. CIBC World Markets Inc. acquired a new stake in shares of Avnet during the 2nd quarter worth $201,000. Jane Street Group LLC acquired a new stake in shares of Avnet during the 2nd quarter worth $210,000. Foster & Motley Inc. acquired a new stake in shares of Avnet during the 2nd quarter worth $226,000. Finally, IFM Investors Pty Ltd acquired a new stake in shares of Avnet during the 2nd quarter worth $266,000. 96.44% of the stock is currently owned by institutional investors.

In other news, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.99, for a total transaction of $721,001.76. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.65% of the company’s stock.

Avnet announced that its board has initiated a stock repurchase program on Wednesday, August 29th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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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