Avnet (NASDAQ:AVT) Issues Q4 Earnings Guidance

Avnet (NASDAQ:AVT) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided EPS guidance of $0.90-1.00 for the period, compared to the consensus EPS estimate of $1.12. The company issued revenue guidance of $5.20-5.50 billion, compared to the consensus revenue estimate of $5.74 billion.

Avnet Stock Down 2.2 %

Shares of NASDAQ AVT opened at $48.87 on Wednesday. The company’s 50-day simple moving average is $47.69 and its 200-day simple moving average is $47.36. Avnet has a 52-week low of $40.00 and a 52-week high of $51.65. The firm has a market cap of $4.42 billion, a price-to-earnings ratio of 6.75, a price-to-earnings-growth ratio of 0.66 and a beta of 1.24. The company has a quick ratio of 1.05, a current ratio of 2.34 and a debt-to-equity ratio of 0.55.

Avnet (NASDAQ:AVT) last posted its quarterly earnings results on Wednesday, January 31st. The company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.01. The firm had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.15 billion. Avnet had a net margin of 2.62% and a return on equity of 13.60%. During the same period in the previous year, the business posted $2.00 earnings per share. Equities analysts predict that Avnet will post 5.25 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.54%. Avnet’s payout ratio is presently 17.13%.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group lowered their price target 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. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $45.50.

About Avnet

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.