First Quadrant L P CA lowered its holdings in Avnet, Inc. (NYSE:AVT) by 7.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,200 shares of the technology company’s stock after selling 3,500 shares during the quarter. First Quadrant L P CA’s holdings in Avnet were worth $1,776,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. raised its position in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock valued at $101,000 after purchasing an additional 262 shares during the period. Pacad Investment Ltd. purchased a new stake in Avnet in the second quarter valued at $113,000. Daiwa Securities Group Inc. raised its position in Avnet by 21.9% in the second quarter. Daiwa Securities Group Inc. now owns 3,900 shares of the technology company’s stock valued at $152,000 after purchasing an additional 700 shares during the period. Riverhead Capital Management LLC raised its position in Avnet by 50.3% in the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock valued at $181,000 after purchasing an additional 1,559 shares during the period. Finally, M&T Bank Corp purchased a new stake in Avnet in the second quarter valued at $208,000. Institutional investors own 97.60% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Stifel Nicolaus lifted their price objective on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. TheStreet cut Avnet from a “b” rating to a “c” rating in a research note on Thursday, October 26th. Citigroup Inc. lifted their price objective on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Finally, BidaskClub cut Avnet from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $40.29.
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In related news, Director J Veronica Biggins sold 10,600 shares of the 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 legal filing with the SEC, which can be accessed through the SEC website. 1.65% of the stock is currently owned by corporate insiders.
Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The firm had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the firm earned $0.91 EPS. The firm’s quarterly revenue was up 13.2% compared to the same quarter last 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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