Swiss National Bank Has $8.78 Million Stake in Avnet (NYSE:AVT)

Swiss National Bank grew its position in Avnet (NYSE:AVT) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,700 shares of the technology company’s stock after purchasing an additional 1,000 shares during the period. Swiss National Bank’s holdings in Avnet were worth $8,783,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Crawford Investment Counsel Inc. increased its holdings in Avnet by 0.4% during the first quarter. Crawford Investment Counsel Inc. now owns 128,464 shares of the technology company’s stock worth $5,571,000 after buying an additional 510 shares during the last quarter. Chase Investment Counsel Corp increased its holdings in Avnet by 5.5% during the first quarter. Chase Investment Counsel Corp now owns 12,930 shares of the technology company’s stock worth $560,000 after buying an additional 670 shares during the last quarter. Texas Permanent School Fund increased its holdings in Avnet by 1.1% during the first quarter. Texas Permanent School Fund now owns 73,621 shares of the technology company’s stock worth $3,193,000 after buying an additional 836 shares during the last quarter. Pearl River Capital LLC purchased a new stake in Avnet during the fourth quarter worth about $61,000. Finally, PNC Financial Services Group Inc. boosted its position in Avnet by 12.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,956 shares of the technology company’s stock worth $577,000 after purchasing an additional 1,774 shares during the period. Institutional investors own 96.44% of the company’s stock.

In related news, Director James A. Lawrence sold 20,620 shares of Avnet stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $45.20, for a total value of $932,024.00. Following the transaction, the director now directly owns 500,000 shares of the company’s stock, valued at $22,600,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James A. Lawrence sold 187,495 shares of Avnet stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $47.48, for a total transaction of $8,902,262.60. Following the completion of the transaction, the director now directly owns 616,392 shares in the company, valued at $29,266,292.16. The disclosure for this sale can be found here. Insiders have sold 215,911 shares of company stock worth $10,207,871 over the last three months. Insiders own 1.65% of the company’s stock.

A number of equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Deutsche Bank assumed coverage on shares of Avnet in a research report on Tuesday. They issued a “hold” rating and a $44.00 price objective for the company. Citigroup set a $47.00 price objective on shares of Avnet and gave the company a “hold” rating in a research report on Friday, April 26th. Finally, TheStreet upgraded shares of Avnet from a “c+” rating to a “b-” rating in a research report on Wednesday, April 10th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $48.17.

Shares of Avnet stock opened at $44.42 on Friday. Avnet has a 1 year low of $33.55 and a 1 year high of $49.40.

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

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.80%. The ex-dividend date of this dividend is Tuesday, June 4th.

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About Avnet

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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