Louisiana State Employees Retirement System trimmed its holdings in Avnet (NYSE:AVT) by 6.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,200 shares of the technology company’s stock after selling 1,800 shares during the period. Louisiana State Employees Retirement System’s holdings in Avnet were worth $1,183,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently made changes to their positions in the company. Advisory Services Network LLC lifted its stake in Avnet by 1,178.9% in the first 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 last quarter. Osborn Williams & Donohoe LLC purchased a new position in shares of Avnet in the first quarter valued at about $132,000. Smith Salley & Associates purchased a new position in shares of Avnet in the second quarter valued at about $204,000. Financial Counselors Inc. purchased a new position in shares of Avnet in the first quarter valued at about $214,000. Finally, Greenleaf Trust purchased a new position in shares of Avnet in the first quarter valued at about $218,000. 96.44% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently issued reports on AVT. Raymond James reduced their price target on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a research report on Friday, August 9th. Deutsche Bank assumed coverage on shares of Avnet in a research report on Tuesday, June 11th. They set a “hold” rating and a $44.00 price target on the stock. Citigroup set a $47.00 price objective on shares of Avnet and gave the stock a “hold” rating in a research note on Friday, April 26th. TheStreet lowered shares of Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Finally, Bank of America reissued a “buy” rating and set a $47.00 price objective (down previously from $50.00) on shares of Avnet in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Avnet has an average rating of “Buy” and an average price target of $45.50.
Avnet (NYSE:AVT) last posted its earnings results on Thursday, August 8th. The technology company reported $0.95 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.05). The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.61 billion. The business’s quarterly revenue was down 7.5% compared to the same quarter last year. During the same period last year, the firm earned $0.99 earnings per share.
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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