Quantitative Systematic Strategies LLC Increases Position in Avnet (AVT)

Quantitative Systematic Strategies LLC boosted its stake in Avnet (NYSE:AVT) by 83.1% in the first quarter, Holdings Channel reports. The fund owned 15,640 shares of the technology company’s stock after buying an additional 7,098 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in Avnet were worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of Avnet by 5.4% in the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 190,900 shares of the technology company’s stock valued at $7,563,000 after buying an additional 9,700 shares during the last quarter. MetLife Investment Advisors LLC purchased a new stake in shares of Avnet in the fourth quarter valued at about $3,031,000. Cerebellum GP LLC purchased a new stake in shares of Avnet in the fourth quarter valued at about $3,489,000. Itau Unibanco Holding S.A. raised its holdings in shares of Avnet by 67.2% in the fourth quarter. Itau Unibanco Holding S.A. now owns 13,672 shares of the technology company’s stock valued at $542,000 after buying an additional 5,495 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Avnet by 10.9% in the fourth quarter. The Manufacturers Life Insurance Company now owns 200,894 shares of the technology company’s stock valued at $7,960,000 after buying an additional 19,751 shares during the last quarter. 96.44% of the stock is owned by hedge funds and other institutional investors.

NYSE AVT opened at $40.75 on Monday. The stock has a market cap of $4.63 billion, a P/E ratio of 12.58, a PEG ratio of 1.08 and a beta of 0.99. Avnet has a 52-week low of $35.67 and a 52-week high of $44.85. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.75 and a quick ratio of 1.58.



Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, April 26th. The technology company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.06. The firm had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The firm’s revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 earnings per share. sell-side analysts predict that Avnet will post 3.52 EPS for the current fiscal year.

In other Avnet news, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $40.67, for a total transaction of $61,452.37. Following the transaction, the insider now directly owns 5,354 shares in the company, valued at $217,747.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $42.00, for a total transaction of $600,264.00. Following the transaction, the insider now owns 22,178 shares in the company, valued at $931,476. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.

A number of brokerages have recently commented on AVT. Zacks Investment Research raised shares of Avnet from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Thursday, April 12th. Longbow Research raised shares of Avnet from a “neutral” rating to a “buy” rating in a report on Friday, January 19th. Pivotal Research began coverage on shares of Avnet in a report on Tuesday, February 13th. They issued a “hold” rating and a $44.00 target price for the company. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating in a report on Wednesday, April 25th. Finally, ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. Avnet has an average rating of “Hold” and an average target price of $40.29.

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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