Avnet, Inc. (AVT) Shares Sold by Voya Investment Management LLC
Voya Investment Management LLC reduced its stake in Avnet, Inc. (NYSE:AVT) by 8.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 35,284 shares of the technology company’s stock after selling 3,356 shares during the period. Voya Investment Management LLC’s holdings in Avnet were worth $1,372,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Engineers Gate Manager LP bought a new stake in Avnet in the second quarter valued at $4,773,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Avnet by 1.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 373,313 shares of the technology company’s stock valued at $14,514,000 after purchasing an additional 4,083 shares in the last quarter. Cipher Capital LP increased its stake in Avnet by 68.9% in the second quarter. Cipher Capital LP now owns 33,226 shares of the technology company’s stock valued at $1,292,000 after purchasing an additional 13,552 shares in the last quarter. Brandes Investment Partners LP increased its stake in Avnet by 9.3% in the second quarter. Brandes Investment Partners LP now owns 563,629 shares of the technology company’s stock valued at $21,914,000 after purchasing an additional 48,027 shares in the last quarter. Finally, HPM Partners LLC increased its stake in Avnet by 68.2% in the second quarter. HPM Partners LLC now owns 9,032 shares of the technology company’s stock valued at $925,000 after purchasing an additional 3,662 shares in the last quarter. 97.06% of the stock is owned by hedge funds and other institutional investors.
In related news, Director J Veronica Biggins sold 10,600 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total value of $393,260.00. Following the completion of the transaction, 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 hyperlink. 1.65% of the stock is owned by company insiders.
Shares of Avnet, Inc. (NYSE:AVT) opened at 40.59 on Friday. The company has a market capitalization of $5.00 billion, a P/E ratio of 9.93 and a beta of 1.07. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50. The stock’s 50 day moving average is $39.33 and its 200 day moving average is $39.08.
Avnet (NYSE:AVT) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.07. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.48 billion. Avnet had a net margin of 3.00% and a return on equity of 8.87%. Avnet’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business earned $0.86 EPS. Equities analysts expect that Avnet, Inc. will post $3.28 EPS for the current year.
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AVT has been the subject of several research analyst reports. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Tuesday, October 10th. ValuEngine raised shares of Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. BidaskClub raised shares of Avnet from a “hold” rating to a “buy” rating in a research note on Monday, July 3rd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $39.00 price target (down from $40.00) on shares of Avnet in a research note on Thursday, August 10th. Finally, Bank of America Corporation downgraded shares of Avnet from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $44.00 to $40.00 in a research note on Friday, July 14th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Avnet presently has a consensus rating of “Hold” and a consensus price target of $39.50.
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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