Avnet (NYSE:AVT) Shares Sold by Profund Advisors LLC

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Profund Advisors LLC cut its stake in shares of Avnet (NYSE:AVT) by 17.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,987 shares of the technology company’s stock after selling 1,677 shares during the quarter. Profund Advisors LLC’s holdings in Avnet were worth $362,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Wealthcare Advisory Partners LLC grew its stake in shares of Avnet by 1,687.2% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock worth $32,000 after purchasing an additional 658 shares during the period. Advisory Services Network LLC grew its stake in shares of Avnet by 1,178.9% during the 1st quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after purchasing an additional 837 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in shares of Avnet during the 2nd quarter worth $74,000. Smith Salley & Associates acquired a new position in shares of Avnet during the 2nd quarter worth $204,000. Finally, CHICAGO TRUST Co NA acquired a new position in shares of Avnet during the 2nd quarter worth $209,000. 96.44% of the stock is currently owned by institutional investors and hedge funds.

In other Avnet news, President Philip R. Gallagher sold 24,184 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the sale, the president now directly owns 51,878 shares of the company’s stock, valued at approximately $2,279,519.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Schumann sold 13,288 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $44.78, for a total transaction of $595,036.64. The disclosure for this sale can be found here. 1.65% of the stock is owned by company insiders.

A number of brokerages recently commented on AVT. Deutsche Bank began coverage on shares of Avnet in a research note on Tuesday, June 11th. They issued a “hold” rating and a $44.00 price objective on the stock. Raymond James lowered their price objective on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Friday, August 9th. TheStreet cut shares of Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Bank of America reissued a “buy” rating and issued a $47.00 price objective (down from $50.00) on shares of Avnet in a research note on Friday, August 9th. Finally, SunTrust Banks lowered their price objective on shares of Avnet to $39.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Avnet presently has an average rating of “Buy” and a consensus price target of $45.50.

NYSE AVT traded down $0.11 during trading hours on Friday, reaching $43.30. The company’s stock had a trading volume of 606,606 shares, compared to its average volume of 712,815. Avnet has a fifty-two week low of $33.55 and a fifty-two week high of $49.03. The company’s 50-day moving average is $42.35 and its two-hundred day moving average is $43.81.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.05). The company had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.61 billion. The company’s revenue was down 7.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 earnings per share.

Avnet announced that its board has initiated a stock buyback program on Monday, August 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 11% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Shareholders of record on Wednesday, September 11th will be paid a dividend of $0.21 per share. This is a boost from Avnet’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend is Tuesday, September 10th.

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.

Further Reading: What causes a yield curve to invert?

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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