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

Avnet (NASDAQ:AVT) announced 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 the consensus estimate of $5.71 billion. Avnet had a return on equity of 11.64% and a net margin of 2.31%. Avnet’s quarterly revenue was down 13.2% on a year-over-year basis. During the same period in the prior 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 Performance

NASDAQ AVT opened at $49.41 on Friday. The company has a fifty day moving average price of $47.92 and a 200-day moving average price of $47.40. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 0.65 and a beta of 1.21. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.33 and a quick ratio of 1.05. Avnet has a 1 year low of $40.44 and a 1 year high of $51.65.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Wednesday, March 6th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date was Tuesday, March 5th. Avnet’s payout ratio is currently 20.06%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. The Goldman Sachs Group cut their target price 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 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 given a hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target 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.