Assenagon Asset Management S.A. cut its holdings in Avnet (NYSE:AVT) by 73.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,669 shares of the technology company’s stock after selling 125,757 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Avnet were worth $2,000,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. California Public Employees Retirement System grew its stake in shares of Avnet by 2.0% in the second quarter. California Public Employees Retirement System now owns 414,003 shares of the technology company’s stock worth $17,757,000 after purchasing an additional 8,187 shares during the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Avnet in the third quarter worth about $475,000. American Century Companies Inc. grew its stake in shares of Avnet by 7.0% in the second quarter. American Century Companies Inc. now owns 774,697 shares of the technology company’s stock worth $33,227,000 after purchasing an additional 50,444 shares during the last quarter. Engineers Gate Manager LP bought a new stake in shares of Avnet in the second quarter worth about $2,019,000. Finally, Wells Fargo & Company MN grew its stake in shares of Avnet by 6.0% in the second quarter. Wells Fargo & Company MN now owns 876,035 shares of the technology company’s stock worth $37,573,000 after purchasing an additional 49,803 shares during the last quarter. 96.44% of the stock is currently owned by institutional investors.
Shares of AVT opened at $43.94 on Friday. Avnet has a one year low of $37.11 and a one year high of $49.40.
Avnet announced that its Board of Directors has approved a stock buyback program on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
In other Avnet news, insider Maryann G. Miller sold 15,024 shares of the firm’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.65% of the company’s stock.
Several research firms recently issued reports on AVT. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Citigroup raised Avnet from a “sell” rating to a “neutral” rating in a research note on Friday, October 26th. TheStreet cut Avnet from a “b” rating to a “c” rating in a research note on Wednesday, October 10th. Bank of America raised Avnet from a “neutral” rating to a “buy” rating and raised their target price for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Finally, Wells Fargo & Co began coverage on Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $45.67.
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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.
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