State Treasurer State of Michigan cut its position in shares of Avnet, Inc. (NYSE:AVT) by 1.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 51,540 shares of the technology company’s stock after selling 800 shares during the period. State Treasurer State of Michigan’s holdings in Avnet were worth $2,004,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of AVT. BlackRock Inc. boosted its stake in Avnet by 5,261.5% in the first quarter. BlackRock Inc. now owns 12,121,222 shares of the technology company’s stock worth $554,666,000 after buying an additional 11,895,142 shares during the period. Vanguard Group Inc. boosted its stake in Avnet by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,608,011 shares of the technology company’s stock worth $531,183,000 after buying an additional 187,314 shares during the period. Pzena Investment Management LLC boosted its stake in Avnet by 6.7% in the first quarter. Pzena Investment Management LLC now owns 5,450,045 shares of the technology company’s stock worth $249,394,000 after buying an additional 341,284 shares during the period. State Street Corp boosted its stake in Avnet by 1.8% in the first quarter. State Street Corp now owns 4,528,829 shares of the technology company’s stock worth $207,238,000 after buying an additional 79,662 shares during the period. Finally, Artisan Partners Limited Partnership boosted its stake in Avnet by 0.8% in the first quarter. Artisan Partners Limited Partnership now owns 4,506,341 shares of the technology company’s stock worth $206,210,000 after buying an additional 34,002 shares during the period. Institutional investors and hedge funds own 98.02% of the company’s stock.
Avnet, Inc. (NYSE:AVT) traded down 0.10% on Wednesday, reaching $38.65. The company’s stock had a trading volume of 299,629 shares. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 9.29 and a beta of 1.04. Avnet, Inc. has a 12 month low of $35.96 and a 12 month high of $51.50. The firm has a 50 day moving average of $38.94 and a 200 day moving average of $42.05.
AVT has been the topic of a number of research analyst reports. Bank of America Corporation cut Avnet from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. ValuEngine cut Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Citigroup Inc. restated a “sell” rating and issued a $31.00 price target on shares of Avnet in a research note on Friday, April 28th. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. Finally, Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, April 28th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $42.22.
In other news, CFO Kevin M. Moriarty purchased 6,933 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were purchased at an average price of $36.08 per share, with a total value of $250,142.64. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James A. Lawrence purchased 408,451 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were purchased at an average cost of $36.99 per share, for a total transaction of $15,108,602.49. Following the transaction, the director now directly owns 416,549 shares in the company, valued at $15,408,147.51. The disclosure for this purchase can be found here. 1.47% of the stock is owned by corporate insiders.
About Avnet
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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