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In the latest trading session, Avnet (AVT) closed at $43.39, marking a -0.32% move from the previous day. This change was narrower than the S&P 500's daily loss of 1.15%. At the same time, the Dow lost 0.52%, and the tech-heavy Nasdaq lost 0.34%.
Coming into today, shares of the distributor of electronic components had lost 6.08% in the past month. In that same time, the Computer and Technology sector lost 4.74%, while the S&P 500 lost 5.08%.
Avnet will be looking to display strength as it nears its next earnings release. On that day, Avnet is projected to report earnings of $1.96 per share, which would represent year-over-year growth of 75%. Meanwhile, our latest consensus estimate is calling for revenue of $6.24 billion, up 19.45% from the prior-year quarter.
Any recent changes to analyst estimates for Avnet should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Avnet is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Avnet currently has a Forward P/E ratio of 6.24. This represents a discount compared to its industry's average Forward P/E of 6.78.
It is also worth noting that AVT currently has a PEG ratio of 0.17. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. AVT's industry had an average PEG ratio of 0.73 as of yesterday's close.
The Electronics - Parts Distribution industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 5, putting it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Avnet, Inc. (AVT) : Free Stock Analysis Report
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