Avnet (NASDAQ:AVT) Updates Q1 Earnings Guidance

Avnet (NASDAQ:AVT) issued an update on its first quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.80-0.90 for the period, compared to the consensus estimate of $0.97. The company issued revenue guidance of $5.25-5.55 billion, compared to the consensus revenue estimate of $5.51 billion. Avnet also updated its Q1 2025 guidance to 0.800-0.900 EPS.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Truist Financial raised their price objective on Avnet from $48.00 to $52.00 and gave the company a hold rating in a research report on Friday. Stifel Nicolaus upped their price objective on Avnet from $50.00 to $55.00 and gave the company a hold rating in a research report on Friday. Finally, Wells Fargo & Company lifted their target price on Avnet from $40.00 to $45.00 and gave the stock an underweight rating in a report on Friday. 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.com, Avnet currently has an average rating of Hold and a consensus price target of $48.50.

Avnet Stock Down 0.8 %

Shares of AVT traded down $0.42 during mid-day trading on Friday, hitting $52.95. The company’s stock had a trading volume of 568,047 shares, compared to its average volume of 604,008. The company’s 50-day moving average is $52.45 and its 200-day moving average is $49.91. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 8.57 and a beta of 1.16. Avnet has a 52-week low of $42.67 and a 52-week high of $55.46.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Thursday, August 8th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.27. The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $5.37 billion. Avnet had a net margin of 2.31% and a return on equity of 11.64%. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.06 EPS. On average, equities research analysts forecast that Avnet will post 5.06 EPS for the current fiscal year.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Wednesday, June 5th. Avnet’s dividend payout ratio (DPR) is presently 20.06%.

Insider Buying and Selling at Avnet

In other news, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the sale, the chief executive officer now owns 139,709 shares in the company, valued at $7,507,961.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Avnet news, Director Carlo Bozotti sold 9,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $54.40, for a total transaction of $489,600.00. Following the transaction, the director now owns 11,578 shares in the company, valued at $629,843.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Philip R. Gallagher sold 30,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $53.74, for a total value of $1,612,200.00. Following the transaction, the chief executive officer now owns 139,709 shares in the company, valued at approximately $7,507,961.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,000 shares of company stock worth $2,536,520. 1.30% of the stock is currently owned by insiders.

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.