Oppenheimer Asset Management Inc. Trims Stock Holdings in Avnet (NYSE:AVT)

Oppenheimer Asset Management Inc. decreased its stake in Avnet (NYSE:AVT) by 1.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 20,706 shares of the technology company’s stock after selling 387 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Avnet were worth $921,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of AVT. Nuveen Asset Management LLC increased its position in Avnet by 122.6% in the second quarter. Nuveen Asset Management LLC now owns 1,114,689 shares of the technology company’s stock worth $50,461,000 after buying an additional 613,901 shares in the last quarter. Westfield Capital Management Co. LP lifted its stake in shares of Avnet by 53.1% in the 2nd quarter. Westfield Capital Management Co. LP now owns 921,010 shares of the technology company’s stock valued at $41,694,000 after purchasing an additional 319,590 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Avnet by 13.7% in the 2nd quarter. AQR Capital Management LLC now owns 2,141,651 shares of the technology company’s stock valued at $95,903,000 after purchasing an additional 257,966 shares during the last quarter. APG Asset Management N.V. lifted its stake in shares of Avnet by 182.2% in the 2nd quarter. APG Asset Management N.V. now owns 241,143 shares of the technology company’s stock valued at $9,586,000 after purchasing an additional 155,700 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in shares of Avnet by 35.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 503,338 shares of the technology company’s stock valued at $22,545,000 after purchasing an additional 132,741 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

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

Shares of AVT stock opened at $41.95 on Friday. Avnet has a 52-week low of $33.55 and a 52-week high of $49.03. The stock has a 50 day moving average price of $41.42 and a 200 day moving average price of $43.11.

Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, October 24th. The technology company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.65 by ($0.05). The company had revenue of $4.63 billion during the quarter, compared to analysts’ expectations of $4.56 billion. During the same period in the prior year, the company earned $1.03 earnings per share. The business’s revenue was down 9.0% compared to the same quarter last year.

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

Several research firms have recently issued reports on AVT. Longbow Research lowered Avnet from a “buy” rating to a “neutral” rating in a research note on Friday, October 4th. SunTrust Banks lowered Avnet from a “hold” rating to a “sell” rating and lowered their price objective for the company from $39.00 to $35.00 in a research note on Friday, October 25th. Raymond James set a $45.00 price objective on Avnet and gave the company a “buy” rating in a research note on Friday, October 25th. TheStreet lowered Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Finally, Bank of America lowered Avnet from a “buy” rating to a “neutral” rating and set a $44.00 price objective for the company. in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Avnet has an average rating of “Hold” and a consensus price target of $43.50.

Avnet 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: How is Preferred Stock Different from Common Stock?

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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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