Becker Capital Management Inc. lessened its stake in shares of Avnet (NYSE:AVT) by 1.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 761,571 shares of the technology company’s stock after selling 8,898 shares during the period. Becker Capital Management Inc.’s holdings in Avnet were worth $34,096,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. California Public Employees Retirement System grew its holdings in Avnet by 2.0% during the second quarter. California Public Employees Retirement System now owns 414,003 shares of the technology company’s stock valued at $17,757,000 after purchasing an additional 8,187 shares during the period. Fox Run Management L.L.C. purchased a new position in shares of Avnet in the third quarter valued at about $475,000. American Century Companies Inc. lifted its position in shares of Avnet by 7.0% in the second quarter. American Century Companies Inc. now owns 774,697 shares of the technology company’s stock valued at $33,227,000 after acquiring an additional 50,444 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Avnet in the second quarter valued at about $2,019,000. Finally, Wells Fargo & Company MN lifted its position in shares of Avnet by 6.0% in the second quarter. Wells Fargo & Company MN now owns 876,035 shares of the technology company’s stock valued at $37,573,000 after acquiring an additional 49,803 shares in the last quarter. 96.44% of the stock is owned by institutional investors and hedge funds.
Shares of Avnet stock opened at $43.58 on Wednesday. Avnet has a 52 week low of $37.11 and a 52 week high of $49.40.
Avnet announced that its board has approved a share repurchase program on Wednesday, August 29th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
AVT has been the topic of several research analyst reports. Wells Fargo & Co initiated coverage on Avnet in a research report on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 price objective on the stock. Citigroup boosted their price objective on Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a research report on Thursday, August 9th. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $44.00 to $55.00 in a research report on Friday, August 10th. TheStreet upgraded Avnet from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.67.
In related news, insider Maryann G. Miller sold 15,024 shares of the business’s stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $47.99, for a total value of $721,001.76. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.65% of the stock is currently owned by insiders.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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