Avnet (NASDAQ:AVT) Updates Q3 Earnings Guidance

Avnet (NASDAQ:AVTGet Free Report) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.05-1.15 for the period, compared to the consensus earnings per share estimate of $1.34. The company issued revenue guidance of $5.55-5.85 billion, compared to the consensus revenue estimate of $5.93 billion. Avnet also updated its Q3 2024 guidance to 1.050-1.150 EPS.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Avnet in a research note on Thursday, October 5th. They set a hold rating on the stock. Two analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $47.40.

Check Out Our Latest Analysis on Avnet

Avnet Stock Performance

NASDAQ AVT opened at $47.87 on Wednesday. Avnet has a twelve month low of $39.64 and a twelve month high of $51.65. The stock has a 50-day moving average of $48.10 and a 200 day moving average of $47.81. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of 5.57, a PEG ratio of 0.58 and a beta of 1.26. The company has a current ratio of 2.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.64.

Avnet (NASDAQ:AVTGet Free Report) last released its quarterly earnings results on Wednesday, November 1st. The company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.50 by $0.11. Avnet had a return on equity of 15.26% and a net margin of 3.05%. The business had revenue of $6.30 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same period last year, the business posted $2.00 earnings per share. The company’s quarterly revenue was down 6.7% on a year-over-year basis. Sell-side analysts anticipate that Avnet will post 5.69 EPS for the current fiscal year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend was Tuesday, December 5th. Avnet’s payout ratio is currently 14.44%.

Insider Activity

In other news, Director James A. Lawrence sold 8,190 shares of the stock in a transaction on Friday, November 24th. The stock was sold at an average price of $47.30, for a total value of $387,387.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Avnet

A number of hedge funds and other institutional investors have recently made changes to their positions in AVT. Jane Street Group LLC boosted its holdings in Avnet by 3.9% in the 1st quarter. Jane Street Group LLC now owns 8,498 shares of the company’s stock valued at $345,000 after purchasing an additional 317 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Avnet by 5.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,659 shares of the company’s stock worth $301,000 after acquiring an additional 351 shares in the last quarter. Baird Financial Group Inc. boosted its stake in shares of Avnet by 2.4% during the 2nd quarter. Baird Financial Group Inc. now owns 17,134 shares of the company’s stock worth $864,000 after acquiring an additional 408 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Avnet by 14.9% during the 4th quarter. Lazard Asset Management LLC now owns 3,529 shares of the company’s stock worth $146,000 after acquiring an additional 457 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in shares of Avnet by 5.6% during the 2nd quarter. LPL Financial LLC now owns 10,193 shares of the company’s stock worth $437,000 after acquiring an additional 542 shares in the last quarter. Hedge funds and other institutional investors own 95.34% of the company’s stock.

Avnet Company Profile

(Get Free Report)

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

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Earnings History and Estimates for Avnet (NASDAQ:AVT)

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