JPMorgan Chase & Co. grew its holdings in shares of Avnet (NYSE:AVT) by 14.3% in the 3rd quarter, Holdings Channel reports. The firm owned 434,806 shares of the technology company’s stock after purchasing an additional 54,489 shares during the quarter. JPMorgan Chase & Co.’s holdings in Avnet were worth $19,468,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC raised its stake in Avnet by 17.4% in the 3rd quarter. FMR LLC now owns 3,402,524 shares of the technology company’s stock worth $152,331,000 after acquiring an additional 505,237 shares during the last quarter. Alliancebernstein L.P. grew its position in Avnet by 1.8% during the 3rd quarter. Alliancebernstein L.P. now owns 2,104,538 shares of the technology company’s stock worth $94,220,000 after purchasing an additional 36,977 shares during the period. LSV Asset Management grew its position in Avnet by 28.8% during the 3rd quarter. LSV Asset Management now owns 1,827,175 shares of the technology company’s stock worth $81,802,000 after purchasing an additional 408,507 shares during the period. Russell Investments Group Ltd. grew its position in Avnet by 12.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,527,690 shares of the technology company’s stock worth $68,362,000 after purchasing an additional 166,736 shares during the period. Finally, Polaris Capital Management LLC grew its position in Avnet by 7.6% during the 3rd quarter. Polaris Capital Management LLC now owns 962,060 shares of the technology company’s stock worth $43,071,000 after purchasing an additional 68,260 shares during the period. Hedge funds and other institutional investors own 96.44% of the company’s stock.
Several brokerages have weighed in on AVT. Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research report on Thursday, January 24th. Citigroup raised Avnet from a “sell” rating to a “neutral” rating in a research report on Friday, October 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Avnet presently has a consensus rating of “Hold” and a consensus target price of $45.17.
AVT stock opened at $42.56 on Monday. Avnet has a 12-month low of $33.55 and a 12-month high of $49.40.
Avnet (NYSE:AVT) last released its earnings results on Thursday, January 24th. The technology company reported $1.04 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.04. The business had revenue of $5.05 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the business earned $0.78 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year.
In other news, insider Philip R. Gallagher sold 24,068 shares of Avnet stock in a transaction that occurred on Thursday, November 29th. The shares were sold at an average price of $43.18, for a total transaction of $1,039,256.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.65% of the company’s stock.
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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