Avnet (NASDAQ:AVT) Issues Earnings Results

Avnet (NASDAQ:AVT) released its quarterly earnings data on Wednesday. The company reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.11 by ($0.01), Briefing.com reports. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. Avnet had a return on equity of 13.60% and a net margin of 2.62%. The business’s quarterly revenue was down 13.2% on a year-over-year basis. During the same period last year, the firm posted $2.00 EPS. Avnet updated its Q4 guidance to $0.90-1.00 EPS and its Q4 2024 guidance to 0.900-1.000 EPS.

Avnet Trading Down 1.1 %

AVT traded down $0.54 during mid-day trading on Thursday, hitting $47.53. 84,230 shares of the stock were exchanged, compared to its average volume of 583,477. The firm’s fifty day moving average is $47.77 and its two-hundred day moving average is $47.37. Avnet has a 1-year low of $40.44 and a 1-year high of $51.65. The company has a current ratio of 2.34, a quick ratio of 1.05 and a debt-to-equity ratio of 0.55. The company has a market cap of $4.29 billion, a PE ratio of 6.55, a PEG ratio of 0.65 and a beta of 1.21.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.61%. The ex-dividend date was Tuesday, March 5th. Avnet’s payout ratio is 17.13%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on AVT shares. Truist Financial lowered their price objective on Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday. The Goldman Sachs Group decreased their price target on Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.00.

Avnet Company Profile

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.