Longview Partners Guernsey LTD Reduces Position in Avnet Inc. (AVT)
Longview Partners Guernsey LTD lowered its position in Avnet Inc. (NYSE:AVT) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,648,189 shares of the company’s stock after selling 34,400 shares during the period. Avnet accounts for about 1.0% of Longview Partners Guernsey LTD’s portfolio, making the stock its 24th largest position. Longview Partners Guernsey LTD owned about 2.84% of Avnet worth $147,788,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in the company. Weaver C. Barksdale & Associates Inc. increased its position in Avnet by 15.3% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,921 shares of the company’s stock worth $118,000 after buying an additional 388 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Avnet during the first quarter worth approximately $262,000. First Citizens Bank & Trust Co. acquired a new position in Avnet during the second quarter worth approximately $299,000. Sumitomo Mitsui Asset Management Company LTD increased its position in Avnet by 1.4% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 9,447 shares of the company’s stock worth $382,000 after buying an additional 127 shares during the last quarter. Finally, Capital Fund Management S.A. increased its position in Avnet by 64.1% in the second quarter. Capital Fund Management S.A. now owns 9,965 shares of the company’s stock worth $404,000 after buying an additional 3,893 shares during the last quarter. 94.79% of the stock is owned by institutional investors.
Shares of Avnet Inc. (NYSE:AVT) traded up 0.63% during midday trading on Monday, hitting $41.56. 890,339 shares of the stock traded hands. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 10.94 and a beta of 1.27. The firm’s 50-day moving average is $41.16 and its 200 day moving average is $41.36. Avnet Inc. has a 52 week low of $37.10 and a 52 week high of $46.95.
Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 10th. The company reported $0.86 earnings per share for the quarter, missing the consensus estimate of $0.88 by $0.02. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The company had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter last year, the business posted $1.16 earnings per share. Avnet’s revenue was down 8.4% on a year-over-year basis. Equities analysts forecast that Avnet Inc. will post $4.25 earnings per share for the current year.
A number of equities research analysts recently issued reports on the stock. Cross Research cut shares of Avnet from a “hold” rating to a “sell” rating in a research report on Tuesday, September 20th. Longbow Research cut shares of Avnet from a “buy” rating to a “neutral” rating in a research report on Monday, July 11th. Raymond James Financial Inc. upgraded shares of Avnet from an “outperform” rating to a “strong-buy” rating and set a $52.00 target price for the company in a research report on Tuesday, October 4th. Zacks Investment Research upgraded shares of Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Friday, July 8th. Finally, SunTrust Banks Inc. reiterated a “buy” rating on shares of Avnet in a research report on Saturday, June 25th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Avnet presently has a consensus rating of “Hold” and an average target price of $43.89.
Avnet Company Profile
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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