Avnet (NASDAQ:AVT) Posts Earnings Results, Misses Expectations By $0.01 EPS

Avnet (NASDAQ:AVT) released its earnings results 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. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.00 earnings per share. 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

AVT stock opened at $49.41 on Friday. The company has a market capitalization of $4.46 billion, a P/E ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. Avnet has a twelve month low of $40.44 and a twelve month high of $51.65. The business has a 50 day simple moving average of $47.92 and a 200-day simple moving average of $47.40. The company has a current ratio of 2.33, a quick ratio of 1.05 and a debt-to-equity ratio of 0.48.

Avnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Stockholders of record on Wednesday, March 6th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Tuesday, March 5th. Avnet’s payout ratio is currently 20.06%.

Analyst Ratings Changes

Several equities analysts have commented on AVT shares. The Goldman Sachs Group dropped their price target on shares of Avnet from $48.00 to $42.00 and set a “sell” rating on the stock in a research note on Thursday, February 1st. Truist Financial dropped their price target on shares of Avnet from $49.00 to $48.00 and set a “hold” rating on the stock in a research note on Thursday. 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 data from MarketBeat, Avnet currently has an average rating of “Hold” and a consensus target price of $45.00.

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.