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.
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.
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.
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