Tocqueville Asset Management L.P. Has $2.304 Million Position in Avnet, Inc. (AVT)

Tocqueville Asset Management L.P. Has $2.304 Million Position in Avnet, Inc. (AVT)

Tocqueville Asset Management L.P. raised its stake in Avnet, Inc. (NYSE:AVT) by 841.6% during the first quarter, Holdings Channel reports. The firm owned 50,347 shares of the technology company’s stock after buying an additional 45,000 shares during the period. Tocqueville Asset Management L.P.’s holdings in Avnet were worth $2,304,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Great West Life Assurance Co. Can increased its position in Avnet by 2.3% in the third quarter. Great West Life Assurance Co. Can now owns 160,082 shares of the technology company’s stock valued at $6,569,000 after buying an additional 3,646 shares during the period. First Citizens Bank & Trust Co. increased its position in Avnet by 1.7% in the third quarter. First Citizens Bank & Trust Co. now owns 7,496 shares of the technology company’s stock valued at $308,000 after buying an additional 127 shares during the period. Speece Thorson Capital Group Inc. increased its position in Avnet by 1.0% in the third quarter. Speece Thorson Capital Group Inc. now owns 244,513 shares of the technology company’s stock valued at $10,040,000 after buying an additional 2,408 shares during the period. Quantbot Technologies LP acquired a new position in Avnet during the third quarter valued at $2,405,000. Finally, DUPONT CAPITAL MANAGEMENT Corp acquired a new position in Avnet during the third quarter valued at $2,418,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Avnet, Inc. (NYSE:AVT) traded up 1.30% during trading on Friday, hitting $37.28. The stock had a trading volume of 2,434,763 shares. Avnet, Inc. has a 1-year low of $36.61 and a 1-year high of $51.50. The firm has a market cap of $4.79 billion, a price-to-earnings ratio of 8.96 and a beta of 1.16. The firm’s 50 day moving average is $43.30 and its 200 day moving average is $45.21.

Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, April 27th. The technology company reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02. Avnet had a return on equity of 9.80% and a net margin of 1.88%. The company earned $4.44 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter in the previous year, the firm earned $1.01 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. On average, analysts anticipate that Avnet, Inc. will post $3.20 earnings per share for the current year.

AVT has been the topic of several recent analyst reports. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Monday, January 30th. Goldman Sachs Group Inc downgraded Avnet from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $47.00 to $43.00 in a research report on Wednesday, March 1st. SunTrust Banks, Inc. downgraded Avnet from a “buy” rating to a “hold” rating and reduced their target price for the stock from $53.00 to $39.00 in a research report on Friday, April 28th. Longbow Research downgraded Avnet from a “buy” rating to a “neutral” rating in a research report on Friday, April 28th. Finally, Citigroup Inc reiterated a “sell” rating and set a $31.00 target price on shares of Avnet in a research report on Friday, April 28th. Five investment analysts have rated the stock with a sell rating, five 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 a consensus target price of $42.50.

In other Avnet news, insider Maryann G. Miller sold 5,000 shares of the business’s stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $47.00, for a total value of $235,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.47% of the stock is owned by insiders.

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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