Avnet, Inc. (NYSE:AVT) issued its quarterly earnings results on Wednesday. The technology company reported $0.84 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.07, Bloomberg Earnings reports. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. Avnet had a return on equity of 9.24% and a net margin of 2.83%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter last year, the company posted $0.86 EPS. Avnet updated its Q1 guidance to $0.67-0.77 EPS.
Avnet (AVT) traded down 0.70% during mid-day trading on Wednesday, reaching $38.04. The company had a trading volume of 1,596,593 shares. The company has a market capitalization of $4.75 billion, a PE ratio of 9.14 and a beta of 1.04. Avnet has a 1-year low of $35.96 and a 1-year high of $51.50. The firm has a 50-day moving average of $38.94 and a 200 day moving average of $42.05.
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In other Avnet news, Director James A. Lawrence acquired 408,451 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, for a total transaction of $15,108,602.49. Following the completion of the acquisition, the director now owns 416,549 shares of the company’s stock, valued at approximately $15,408,147.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin M. Moriarty acquired 6,933 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was acquired at an average price of $36.08 per share, for a total transaction of $250,142.64. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVT. Teachers Advisors LLC boosted its position in Avnet by 12.2% in the fourth quarter. Teachers Advisors LLC now owns 143,522 shares of the technology company’s stock worth $6,833,000 after buying an additional 15,589 shares in the last quarter. Macquarie Group Ltd. boosted its position in Avnet by 4.0% in the fourth quarter. Macquarie Group Ltd. now owns 402,706 shares of the technology company’s stock worth $19,172,000 after buying an additional 15,450 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in Avnet by 2.1% in the first quarter. Gulf International Bank UK Ltd now owns 42,464 shares of the technology company’s stock worth $1,943,000 after buying an additional 880 shares in the last quarter. Bank of Montreal Can boosted its position in Avnet by 32.4% in the first quarter. Bank of Montreal Can now owns 689,940 shares of the technology company’s stock worth $31,571,000 after buying an additional 168,709 shares in the last quarter. Finally, Capstone Asset Management Co. boosted its position in Avnet by 5.2% in the first quarter. Capstone Asset Management Co. now owns 17,350 shares of the technology company’s stock worth $794,000 after buying an additional 850 shares in the last quarter. Hedge funds and other institutional investors own 98.73% of the company’s stock.
A number of analysts have recently issued reports on AVT shares. SunTrust Banks, Inc. downgraded Avnet from a “buy” rating to a “hold” rating and dropped their price target for the company from $53.00 to $39.00 in a research report on Friday, April 28th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Citigroup Inc. reiterated a “sell” rating and set a $31.00 price target on shares of Avnet in a research report on Friday, April 28th. Deutsche Bank AG reiterated a “hold” rating and set a $40.00 price target (down previously from $47.00) on shares of Avnet in a research report on Saturday, April 29th. Finally, Zacks Investment Research downgraded Avnet from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 2nd. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the company’s stock. Avnet has an average rating of “Hold” and an average price target of $42.22.
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.
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