Avnet (NASDAQ:AVT) Announces Earnings Results

Avnet (NASDAQ:AVT) posted its quarterly earnings data on Wednesday. The company reported $1.10 EPS for the quarter, missing the consensus estimate of $1.11 by ($0.01), Briefing.com reports. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same period last year, the business earned $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 Stock Up 1.6 %

Shares of AVT stock opened at $49.41 on Friday. The company’s fifty day simple moving average is $47.92 and its two-hundred day simple moving average is $47.40. Avnet has a 52 week low of $40.44 and a 52 week high of $51.65. The stock has a market cap of $4.46 billion, a P/E ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. The company has a quick ratio of 1.05, a current ratio of 2.33 and a debt-to-equity ratio of 0.48.

Avnet Dividend Announcement

The business 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. The ex-dividend date of this dividend was Tuesday, March 5th. This represents a $1.24 annualized dividend and a yield of 2.51%. Avnet’s payout ratio is 20.06%.

Analyst Upgrades and Downgrades

AVT has been the topic of several recent analyst reports. Truist Financial decreased their price objective 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 Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus 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.