Seven Eight Capital LP Acquires Shares of 34,775 Avnet, Inc. (AVT)

Seven Eight Capital LP acquired a new position in shares of Avnet, Inc. (NYSE:AVT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 34,775 shares of the technology company’s stock, valued at approximately $1,352,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. CNA Financial Corp raised its holdings in Avnet by 33.8% during the second quarter. CNA Financial Corp now owns 87,706 shares of the technology company’s stock worth $3,410,000 after purchasing an additional 22,136 shares in the last quarter. Riverhead Capital Management LLC raised its holdings in Avnet by 50.3% during the second quarter. Riverhead Capital Management LLC now owns 4,659 shares of the technology company’s stock worth $181,000 after purchasing an additional 1,559 shares in the last quarter. Aberdeen Asset Management PLC UK raised its holdings in Avnet by 94.1% during the second quarter. Aberdeen Asset Management PLC UK now owns 37,705 shares of the technology company’s stock worth $1,466,000 after purchasing an additional 18,279 shares in the last quarter. HPM Partners LLC raised its holdings in Avnet by 68.2% during the second quarter. HPM Partners LLC now owns 9,032 shares of the technology company’s stock worth $925,000 after purchasing an additional 3,662 shares in the last quarter. Finally, AXA acquired a new stake in Avnet during the second quarter worth approximately $1,765,000. 97.14% of the stock is currently owned by institutional investors.

A number of analysts have weighed in on AVT shares. ValuEngine cut shares of Avnet from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $44.00 to $40.00 in a research report on Friday, July 14th. Finally, Deutsche Bank AG restated a “hold” rating and set a $39.00 target price (down from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Six investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the company. Avnet currently has an average rating of “Hold” and an average target price of $42.11.

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In related news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $37.10, for a total transaction of $393,260.00. Following the completion of the transaction, the director now owns 12,191 shares of the company’s stock, valued at $452,286.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.47% of the company’s stock.

Avnet, Inc. (NYSE:AVT) opened at 38.38 on Friday. The firm has a market cap of $4.72 billion, a P/E ratio of 9.39 and a beta of 1.03. Avnet, Inc. has a 1-year low of $35.67 and a 1-year high of $51.50. The stock’s 50 day moving average price is $37.57 and its 200 day moving average price is $40.11.

Avnet (NYSE:AVT) last announced its earnings results on Wednesday, August 9th. The technology company reported $0.84 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.48 billion. During the same quarter last year, the business posted $0.86 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts predict that Avnet, Inc. will post $3.26 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, September 6th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $0.72 annualized dividend and a yield of 1.88%. Avnet’s dividend payout ratio is currently 17.69%.

About Avnet

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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