LS Investment Advisors LLC Raises Stake in Avnet, Inc. (NYSE:AVT)
LS Investment Advisors LLC raised its position in shares of Avnet, Inc. (NYSE:AVT) by 10.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 14,144 shares of the technology company’s stock after buying an additional 1,290 shares during the period. LS Investment Advisors LLC’s holdings in Avnet were worth $550,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Weaver C. Barksdale & Associates Inc. boosted its stake in Avnet by 11.2% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 2,608 shares of the technology company’s stock worth $101,000 after buying an additional 262 shares during the period. CHICAGO TRUST Co NA acquired a new stake in Avnet during the first quarter worth about $215,000. Smith Salley & Associates acquired a new stake in Avnet during the first quarter worth about $216,000. Anchor Capital Advisors LLC boosted its stake in Avnet by 8.4% in the first quarter. Anchor Capital Advisors LLC now owns 4,785 shares of the technology company’s stock worth $219,000 after buying an additional 370 shares during the period. Finally, Bellwether Investment Group LLC boosted its stake in Avnet by 16.1% in the first quarter. Bellwether Investment Group LLC now owns 5,310 shares of the technology company’s stock worth $243,000 after buying an additional 735 shares during the period. Hedge funds and other institutional investors own 98.73% of the company’s stock.
Shares of Avnet, Inc. (NYSE AVT) traded down 0.37% during trading on Monday, reaching $38.06. 1,172,910 shares of the company were exchanged. The company has a 50 day moving average price of $38.94 and a 200-day moving average price of $42.05. Avnet, Inc. has a one year low of $35.96 and a one year high of $51.50. The stock has a market capitalization of $4.76 billion, a price-to-earnings ratio of 9.15 and a beta of 1.04.
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AVT has been the subject of a number of analyst reports. BidaskClub upgraded shares of Avnet from a “hold” rating to a “buy” rating in a research note on Monday, July 3rd. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 4th. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Deutsche Bank AG restated a “hold” rating and issued a $40.00 price objective (down from $47.00) on shares of Avnet in a research note on Saturday, April 29th. Finally, SunTrust Banks, Inc. cut shares of Avnet from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $53.00 to $39.00 in a research note on Friday, April 28th. Six investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $42.22.
In other Avnet news, CFO Kevin M. Moriarty purchased 6,933 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was acquired at an average price of $36.08 per share, with a total value of $250,142.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James A. Lawrence purchased 408,451 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were acquired at an average cost of $36.99 per share, with a total value of $15,108,602.49. Following the acquisition, 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. 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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