DNB Asset Management AS Has $1.12 Million Position in Avnet (NYSE:AVT)

DNB Asset Management AS lessened its position in shares of Avnet (NYSE:AVT) by 17.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,900 shares of the technology company’s stock after selling 5,400 shares during the quarter. DNB Asset Management AS’s holdings in Avnet were worth $1,124,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its position in shares of Avnet by 2,437.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,741,897 shares of the technology company’s stock worth $48,000 after acquiring an additional 1,673,236 shares in the last quarter. Pearl River Capital LLC bought a new position in shares of Avnet in the 4th quarter worth $61,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Avnet in the 4th quarter worth $108,000. Cerebellum GP LLC bought a new position in shares of Avnet in the 4th quarter worth $188,000. Finally, Canada Pension Plan Investment Board raised its position in shares of Avnet by 5,495.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 6,211 shares of the technology company’s stock worth $224,000 after acquiring an additional 6,100 shares in the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

Several research analysts have recently commented on AVT shares. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Citigroup set a $47.00 price target on Avnet and gave the stock a “hold” rating in a research report on Friday, April 26th. Finally, TheStreet raised Avnet from a “c+” rating to a “b-” rating in a research report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $46.50.

In other news, Director James A. Lawrence sold 187,495 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $47.48, for a total value of $8,902,262.60. Following the sale, the director now owns 616,392 shares in the company, valued at $29,266,292.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the sale, the director now owns 500,000 shares in the company, valued at approximately $22,600,000. The disclosure for this sale can be found here. Insiders sold 215,911 shares of company stock worth $10,207,871 in the last 90 days. Company insiders own 1.65% of the company’s stock.

NYSE:AVT traded up $0.09 during mid-day trading on Friday, hitting $45.37. 472,462 shares of the company’s stock traded hands, compared to its average volume of 744,232. Avnet has a twelve month low of $33.55 and a twelve month high of $49.40.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, April 25th. The technology company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.01. The firm had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.75 billion. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 EPS.

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Avnet 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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