FY2024 EPS Estimates for Avnet, Inc. (NASDAQ:AVT) Lowered by Zacks Research

Avnet, Inc. (NASDAQ:AVT - Free Report) - Investment analysts at Zacks Research lowered their FY2024 earnings estimates for Avnet in a research note issued on Wednesday, May 15th. Zacks Research analyst S. Roy now forecasts that the company will post earnings per share of $5.06 for the year, down from their prior estimate of $5.23. The consensus estimate for Avnet's current full-year earnings is $5.09 per share. Zacks Research also issued estimates for Avnet's Q4 2024 earnings at $0.95 EPS, Q1 2025 earnings at $0.99 EPS, Q3 2025 earnings at $1.37 EPS, Q4 2025 earnings at $1.44 EPS, Q1 2026 earnings at $1.33 EPS, Q2 2026 earnings at $1.44 EPS and Q3 2026 earnings at $1.60 EPS.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.11 by ($0.01). Avnet had a return on equity of 11.64% and a net margin of 2.31%. The business had revenue of $5.65 billion for the quarter, compared to analysts' expectations of $5.71 billion. During the same period last year, the business earned $2.00 earnings per share. The company's revenue for the quarter was down 13.2% on a year-over-year basis.

AVT has been the topic of a number of other research reports. The Goldman Sachs Group decreased their target price on shares of Avnet from $48.00 to $42.00 and set a "sell" rating on the stock in a research report on Thursday, February 1st. Truist Financial decreased their price target on shares of Avnet from $49.00 to $48.00 and set a "hold" rating on the stock in a report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $45.00.

Avnet Trading Down 0.7 %

NASDAQ AVT traded down $0.38 during mid-day trading on Thursday, reaching $53.07. 431,276 shares of the stock were exchanged, compared to its average volume of 593,367. Avnet has a 1-year low of $41.19 and a 1-year high of $53.81. The business's fifty day simple moving average is $48.74 and its 200 day simple moving average is $47.72. The stock has a market capitalization of $4.80 billion, a PE ratio of 8.62 and a beta of 1.21. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.05 and a current ratio of 2.33.

Insider Activity

In other news, CEO Philip R. Gallagher sold 19,532 shares of the firm's stock in a transaction on Friday, May 10th. The shares were sold at an average price of $51.63, for a total value of $1,008,437.16. Following the transaction, the chief executive officer now owns 140,792 shares of the company's stock, valued at approximately $7,269,090.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Avnet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kodai Capital Management LP increased its stake in Avnet by 157.9% during the 1st quarter. Kodai Capital Management LP now owns 126,675 shares of the company's stock worth $6,281,000 after buying an additional 77,551 shares during the period. Caxton Associates LP increased its position in shares of Avnet by 35.9% in the 1st quarter. Caxton Associates LP now owns 74,412 shares of the company's stock worth $3,689,000 after purchasing an additional 19,656 shares during the last quarter. Earnest Partners LLC increased its position in shares of Avnet by 2.1% in the 1st quarter. Earnest Partners LLC now owns 1,442,681 shares of the company's stock worth $71,528,000 after purchasing an additional 29,710 shares during the last quarter. Hyperion Capital Advisors LP bought a new stake in shares of Avnet in the 1st quarter worth about $297,000. Finally, CreativeOne Wealth LLC increased its position in shares of Avnet by 17.2% in the 1st quarter. CreativeOne Wealth LLC now owns 6,752 shares of the company's stock worth $335,000 after purchasing an additional 993 shares during the last quarter. Hedge funds and other institutional investors own 95.78% of the company's stock.

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.