Pillar Pacific Capital Management LLC reduced its position in shares of Avnet, Inc. (NYSE:AVT) by 5.0% during the first quarter, Holdings Channel reports. The institutional investor owned 4,784 shares of the technology company’s stock after selling 250 shares during the period. Pillar Pacific Capital Management LLC’s holdings in Avnet were worth $219,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the stock. Credit Suisse AG raised its stake in Avnet by 455.4% in the third quarter. Credit Suisse AG now owns 1,623,808 shares of the technology company’s stock worth $66,674,000 after buying an additional 1,331,464 shares in the last quarter. Norges Bank bought a new stake in Avnet during the fourth quarter worth about $62,570,000. Russell Investments Group Ltd. bought a new stake in Avnet during the fourth quarter worth about $44,585,000. Alyeska Investment Group L.P. raised its stake in Avnet by 1,072.0% in the fourth quarter. Alyeska Investment Group L.P. now owns 948,676 shares of the technology company’s stock worth $45,166,000 after buying an additional 867,730 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in Avnet by 1,147.3% in the first quarter. Wells Fargo & Company MN now owns 852,435 shares of the technology company’s stock worth $39,007,000 after buying an additional 784,095 shares in the last quarter. 94.97% of the stock is currently owned by institutional investors.
Shares of Avnet, Inc. (NYSE:AVT) traded up 1.30% during midday trading on Friday, hitting $37.28. The stock had a trading volume of 2,434,763 shares. The company has a market cap of $4.79 billion, a P/E ratio of 8.96 and a beta of 1.16. The stock has a 50 day moving average of $43.30 and a 200-day moving average of $45.21. Avnet, Inc. has a one year low of $36.61 and a one year high of $51.50.
Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, April 27th. The technology company reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.02. Avnet had a return on equity of 9.80% and a net margin of 1.88%. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter in the prior year, the firm posted $1.01 earnings per share. Avnet’s revenue for the quarter was up 8.8% compared to the same quarter last year. Analysts forecast that Avnet, Inc. will post $3.20 EPS for the current fiscal year.
A number of equities research analysts have issued reports on AVT shares. Goldman Sachs Group Inc lowered Avnet from a “neutral” rating to a “sell” rating and reduced their price target for the company from $47.00 to $43.00 in a research report on Wednesday, March 1st. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Monday, January 30th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $40.00 price target (down previously from $47.00) on shares of Avnet in a research report on Saturday, April 29th. Citigroup Inc reaffirmed a “sell” rating and issued a $31.00 price target on shares of Avnet in a research report on Friday, April 28th. Finally, Longbow Research lowered Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $42.50.
In other Avnet news, insider Maryann G. Miller sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $47.00, for a total transaction of $235,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.47% of the company’s stock.
Avnet Company Profile
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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