Louisiana State Employees Retirement System cut its holdings in Avnet (NYSE:AVT) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,000 shares of the technology company’s stock after selling 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Avnet were worth $1,258,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. W.E. Donoghue & Co. LLC bought a new position in Avnet in the first quarter valued at approximately $1,015,000. First Citizens Bank & Trust Co. boosted its position in shares of Avnet by 38.5% during the first quarter. First Citizens Bank & Trust Co. now owns 11,638 shares of the technology company’s stock worth $505,000 after purchasing an additional 3,233 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Avnet by 46.9% during the fourth quarter. Deutsche Bank AG now owns 443,537 shares of the technology company’s stock worth $16,009,000 after purchasing an additional 141,601 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Avnet by 11.4% during the fourth quarter. Geode Capital Management LLC now owns 1,391,025 shares of the technology company’s stock worth $50,215,000 after purchasing an additional 142,746 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Avnet during the fourth quarter worth $46,361,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
A number of brokerages recently commented on AVT. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. Citigroup set a $47.00 price target on shares of Avnet and gave the company a “hold” rating in a research note on Friday, April 26th. Finally, TheStreet raised shares of Avnet from a “c+” rating to a “b-” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $46.50.
Shares of Avnet stock traded up $0.09 on Friday, reaching $45.37. 472,462 shares of the stock were exchanged, compared to its average volume of 744,232. Avnet has a one year low of $33.55 and a one year high of $49.40.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.01. The company had revenue of $4.70 billion for the quarter, compared to analyst estimates of $4.75 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. Avnet’s revenue for the quarter was down 2.0% compared to the same quarter last year.
COPYRIGHT VIOLATION NOTICE: This story was first published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this story on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The legal version of this story can be viewed at https://www.baseballdailydigest.com/news/2019/05/11/louisiana-state-employees-retirement-system-has-1-26-million-stake-in-avnet-avt.html.
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.
Read More: Price to Earnings Ratio (PE) Basics
Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.