SunTrust Banks Brokers Increase Earnings Estimates for Avnet, Inc. (AVT)

Avnet, Inc. (NYSE:AVT) – Equities researchers at SunTrust Banks raised their FY2018 earnings estimates for shares of Avnet in a note issued to investors on Thursday. SunTrust Banks analyst W. Stein now anticipates that the technology company will post earnings of $3.48 per share for the year, up from their prior estimate of $3.40. SunTrust Banks also issued estimates for Avnet’s Q2 2019 earnings at $1.06 EPS and Q3 2019 earnings at $1.10 EPS.

Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.06. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The business had revenue of $4.52 billion for the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the previous year, the company posted $0.77 EPS. The company’s revenue was up 5.8% compared to the same quarter last year.

A number of other analysts also recently issued reports on AVT. Zacks Investment Research raised Avnet from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus lifted their price objective on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, October 26th. Citigroup lifted their price objective on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research note on Friday, October 27th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, TheStreet downgraded Avnet from a “b” rating to a “c” rating in a research note on Thursday, October 26th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $39.57.

Avnet (AVT) traded down $0.56 during trading hours on Monday, reaching $42.91. The company’s stock had a trading volume of 402,883 shares, compared to its average volume of 1,039,414. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt-to-equity ratio of 0.28. Avnet has a 1-year low of $35.67 and a 1-year high of $47.19. The company has a market cap of $5,240.41, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 1.38 and a beta of 1.09.

Avnet declared that its Board of Directors has initiated a share repurchase program on Friday, November 10th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

In related news, CEO Amelio J. William bought 3,000 shares of the business’s stock in a transaction dated Friday, December 8th. The shares were purchased at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.65% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Exane Derivatives grew its position in Avnet by 663.2% in the 4th quarter. Exane Derivatives now owns 18,997 shares of the technology company’s stock valued at $752,000 after acquiring an additional 16,508 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Avnet by 136.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 4,633 shares of the technology company’s stock worth $184,000 after purchasing an additional 2,677 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Avnet by 113.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 359,438 shares of the technology company’s stock worth $14,241,000 after purchasing an additional 190,736 shares in the last quarter. SG Americas Securities LLC boosted its position in Avnet by 258.7% during the fourth quarter. SG Americas Securities LLC now owns 39,785 shares of the technology company’s stock worth $1,576,000 after purchasing an additional 28,694 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new position in Avnet during the fourth quarter worth approximately $3,489,000. 96.15% of the stock is currently owned by institutional investors.

ILLEGAL ACTIVITY WARNING: “SunTrust Banks Brokers Increase Earnings Estimates for Avnet, Inc. (AVT)” was reported by Community Financial News and is the sole property of of Community Financial News. If you are viewing this piece of content on another website, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The correct version of this piece of content can be accessed at https://www.com-unik.info/2018/01/30/suntrust-banks-brokers-increase-earnings-estimates-for-avnet-inc-avt.html.

About Avnet

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.

Earnings History and Estimates for Avnet (NYSE:AVT)

Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit