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. Avnet had a return on equity of 13.60% and a net margin of 2.62%. The company had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.71 billion. During the same period in the previous year, the business posted $2.00 EPS. The firm’s revenue for the quarter was down 13.2% compared to the same quarter last year. Avnet updated its Q4 guidance to $0.90-1.00 EPS and its Q4 2024 guidance to 0.900-1.000 EPS.

Avnet Price Performance

Shares of NASDAQ AVT traded down $0.37 during trading on Thursday, hitting $47.70. 98,295 shares of the company were exchanged, compared to its average volume of 583,915. The company has a market cap of $4.31 billion, a price-to-earnings ratio of 6.55, a PEG ratio of 0.65 and a beta of 1.21. Avnet has a 1 year low of $40.44 and a 1 year high of $51.65. The firm’s fifty day moving average price is $47.77 and its 200 day moving average price is $47.37. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.34 and a quick ratio of 1.05.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 20th. Shareholders of record on Wednesday, March 6th were given a dividend of $0.31 per share. The ex-dividend date was Tuesday, March 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.60%. Avnet’s payout ratio is currently 17.13%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVT. Truist Financial lowered their target price on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research report on Thursday. The Goldman Sachs Group lowered their price objective 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 research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $45.00.

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.