Avnet (NYSE:AVT) Shares Sold by State of Tennessee Treasury Department

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State of Tennessee Treasury Department lowered its holdings in shares of Avnet (NYSE:AVT) by 42.0% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 137,875 shares of the technology company’s stock after selling 100,000 shares during the period. State of Tennessee Treasury Department’s holdings in Avnet were worth $5,980,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of AVT. Oregon Public Employees Retirement Fund raised its holdings in shares of Avnet by 2,437.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,741,897 shares of the technology company’s stock worth $48,000 after buying an additional 1,673,236 shares in the last quarter. Norges Bank bought a new stake in Avnet during the 4th quarter worth $46,361,000. Prudential Financial Inc. grew its position in Avnet by 28.9% during the 4th quarter. Prudential Financial Inc. now owns 1,639,635 shares of the technology company’s stock worth $59,191,000 after acquiring an additional 367,914 shares during the last quarter. LSV Asset Management grew its position in Avnet by 20.1% during the 4th quarter. LSV Asset Management now owns 2,194,268 shares of the technology company’s stock worth $79,213,000 after acquiring an additional 367,093 shares during the last quarter. Finally, Vanguard Group Inc grew its position in Avnet by 2.8% during the 3rd quarter. Vanguard Group Inc now owns 11,420,607 shares of the technology company’s stock worth $511,300,000 after acquiring an additional 315,288 shares during the last quarter. 96.44% of the stock is owned by institutional investors.

In other Avnet news, Director James A. Lawrence sold 20,620 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $45.20, for a total value of $932,024.00. Following the sale, the director now owns 500,000 shares in the company, valued at approximately $22,600,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kenneth A. Jacobson sold 7,796 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $47.92, for a total value of $373,584.32. The disclosure for this sale can be found here. Insiders have sold a total of 215,911 shares of company stock worth $10,207,871 in the last 90 days. 1.65% of the stock is currently owned by corporate insiders.

A number of equities research analysts recently weighed in on the company. Deutsche Bank assumed coverage on Avnet in a research report on Tuesday. They set a “hold” rating and a $44.00 price objective on the stock. Zacks Investment Research upgraded Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Citigroup set a $47.00 price objective on Avnet and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, TheStreet upgraded Avnet from a “c+” rating to a “b-” rating in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $48.17.

AVT stock traded down $0.56 during midday trading on Wednesday, reaching $44.01. 119,869 shares of the stock were exchanged, compared to its average volume of 700,185. Avnet has a 52 week low of $33.55 and a 52 week high of $49.40.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.01. The firm had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.75 billion. The company’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.02 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.82%.

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Avnet Company Profile

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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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