Anixter International Inc. (NYSE:AXE) Expected to Post Quarterly Sales of $2.24 Billion

Brokerages expect Anixter International Inc. (NYSE:AXE) to report $2.24 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Anixter International’s earnings, with the lowest sales estimate coming in at $2.24 billion and the highest estimate coming in at $2.25 billion. Anixter International posted sales of $2.18 billion in the same quarter last year, which would suggest a positive year over year growth rate of 2.8%. The company is scheduled to report its next quarterly earnings results on Tuesday, October 22nd.

On average, analysts expect that Anixter International will report full year sales of $8.95 billion for the current year. For the next year, analysts expect that the company will post sales of $9.21 billion, with estimates ranging from $9.18 billion to $9.24 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Anixter International.

Anixter International (NYSE:AXE) last issued its quarterly earnings results on Thursday, July 25th. The technology company reported $2.05 EPS for the quarter, topping the Zacks’ consensus estimate of $1.53 by $0.52. The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.23 billion. Anixter International had a return on equity of 13.80% and a net margin of 2.21%. The firm’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.53 EPS.

AXE has been the subject of several analyst reports. ValuEngine raised Anixter International from a “strong sell” rating to a “sell” rating in a report on Thursday, September 5th. Wells Fargo & Co raised Anixter International from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $70.00 to $90.00 in a report on Monday, September 23rd. Zacks Investment Research cut Anixter International from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Finally, TheStreet raised Anixter International from a “c+” rating to a “b-” rating in a report on Monday, September 16th.

Shares of AXE stock traded up $1.40 on Friday, hitting $68.56. The company had a trading volume of 9,546 shares, compared to its average volume of 214,054. The firm has a market cap of $2.24 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 1.20 and a beta of 1.92. The company has a 50-day moving average price of $64.48 and a 200-day moving average price of $60.19. The company has a quick ratio of 1.16, a current ratio of 2.08 and a debt-to-equity ratio of 0.87. Anixter International has a twelve month low of $50.05 and a twelve month high of $70.63.

In other news, Director F Philip Handy sold 2,000 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $65.15, for a total value of $130,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Galvin sold 6,676 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $69.50, for a total value of $463,982.00. The disclosure for this sale can be found here. In the last three months, insiders sold 106,290 shares of company stock valued at $6,862,902. Insiders own 11.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AXE. Nuveen Asset Management LLC acquired a new position in Anixter International in the 2nd quarter worth about $23,623,000. Victory Capital Management Inc. raised its holdings in Anixter International by 5.7% in the 2nd quarter. Victory Capital Management Inc. now owns 1,989,402 shares of the technology company’s stock worth $118,787,000 after purchasing an additional 107,920 shares during the period. BlackRock Inc. raised its holdings in Anixter International by 2.1% in the 2nd quarter. BlackRock Inc. now owns 4,704,912 shares of the technology company’s stock worth $280,931,000 after purchasing an additional 95,649 shares during the period. Morgan Stanley raised its holdings in Anixter International by 142.1% in the 2nd quarter. Morgan Stanley now owns 153,766 shares of the technology company’s stock worth $9,181,000 after purchasing an additional 90,248 shares during the period. Finally, Cooper Creek Partners Management LLC acquired a new position in Anixter International in the 1st quarter worth about $4,468,000. 85.99% of the stock is owned by institutional investors.

Anixter International Company Profile

Anixter International Inc, through its subsidiary, Anixter Inc, distributes enterprise cabling and security solutions, electrical and electronic wire and cable solutions, and utility power solutions worldwide. The company operates through Network & Security Solutions (NSS), Electrical & Electronic Solutions (EES), and Utility Power Solutions (UPS) segments.

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