Regentatlantic Capital LLC trimmed its position in shares of Avnet, Inc. (NYSE:AVT) by 10.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 70,623 shares of the technology company’s stock after selling 8,651 shares during the quarter. Regentatlantic Capital LLC owned about 0.06% of Avnet worth $2,775,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. First Trust Advisors LP lifted its stake in Avnet by 27.6% during the 3rd quarter. First Trust Advisors LP now owns 327,996 shares of the technology company’s stock valued at $12,890,000 after acquiring an additional 70,992 shares during the period. River & Mercantile Asset Management LLP lifted its stake in Avnet by 18.4% during the 3rd quarter. River & Mercantile Asset Management LLP now owns 87,100 shares of the technology company’s stock valued at $3,423,000 after acquiring an additional 13,520 shares during the period. APG Asset Management N.V. lifted its stake in Avnet by 31.5% during the 3rd quarter. APG Asset Management N.V. now owns 95,169 shares of the technology company’s stock valued at $3,740,000 after acquiring an additional 22,800 shares during the period. Alpha Windward LLC bought a new position in Avnet during the 3rd quarter valued at about $507,000. Finally, Assenagon Asset Management S.A. bought a new position in Avnet during the 3rd quarter valued at about $6,630,000. 97.05% of the stock is currently owned by institutional investors.
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In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the sale, the director now directly owns 12,191 shares in the company, valued at approximately $452,286.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.65% of the stock is owned by corporate insiders.
AVT has been the topic of several recent research reports. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. BidaskClub upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Monday, July 3rd. Bank of America Corporation cut shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $44.00 to $40.00 in a research note on Friday, July 14th. Deutsche Bank AG reiterated a “hold” rating and issued a $39.00 price objective (down previously from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Cross Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. Avnet presently has an average rating of “Hold” and an average target price of $40.29.
Avnet, Inc. (AVT) traded down 3.95% on Friday, hitting $40.07. 1,804,371 shares of the company were exchanged. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50. The stock has a market capitalization of $4.93 billion, a P/E ratio of 9.81 and a beta of 1.07. The stock’s 50-day moving average price is $39.72 and its 200-day moving average price is $38.93.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The firm had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 earnings per share. On average, equities research analysts anticipate that Avnet, Inc. will post $3.30 earnings per share for the current fiscal year.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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