Bp Plc Purchases New Stake in Avnet (AVT)

Bp Plc purchased a new position in shares of Avnet (NYSE:AVT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 16,000 shares of the technology company’s stock, valued at approximately $716,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in AVT. LPL Financial LLC acquired a new stake in shares of Avnet during the 1st quarter valued at about $329,000. Royal Bank of Canada grew its position in shares of Avnet by 39.8% during the 1st quarter. Royal Bank of Canada now owns 103,815 shares of the technology company’s stock valued at $4,334,000 after acquiring an additional 29,537 shares during the period. Principal Financial Group Inc. grew its position in shares of Avnet by 1.7% during the 1st quarter. Principal Financial Group Inc. now owns 523,799 shares of the technology company’s stock valued at $21,874,000 after acquiring an additional 8,864 shares during the period. DnB Asset Management AS grew its position in shares of Avnet by 11.1% during the 2nd quarter. DnB Asset Management AS now owns 68,223 shares of the technology company’s stock valued at $2,926,000 after acquiring an additional 6,800 shares during the period. Finally, IFM Investors Pty Ltd acquired a new stake in shares of Avnet during the 2nd quarter valued at about $266,000. 96.44% of the stock is currently owned by institutional investors.

AVT has been the topic of a number of analyst reports. Citigroup raised their target price on Avnet from $37.00 to $39.00 and gave the company a “sell” rating in a research report on Thursday, August 9th. TheStreet cut Avnet from a “b” rating to a “c” rating in a research report on Wednesday, October 10th. Zacks Investment Research cut Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Wells Fargo & Co initiated coverage on Avnet in a research report on Tuesday, July 17th. They set a “market perform” rating and a $47.00 target price on the stock. Finally, Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and raised their target price for the company from $44.00 to $55.00 in a research report on Friday, August 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Avnet has an average rating of “Hold” and an average price target of $45.67.

In related 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 SEC, which is available through this link. Company insiders own 1.65% of the company’s stock.

Shares of Avnet stock opened at $43.94 on Friday. Avnet has a twelve month low of $37.11 and a twelve month high of $49.40.

Avnet (NYSE:AVT) last issued its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.02. The company had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5.03 billion.

Avnet declared that its Board of Directors has authorized a share buyback plan on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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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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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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