Stock Traders Buy High Volume of Put Options on Avnet (NYSE:AVT)

Avnet (NYSE:AVT) saw unusually large options trading on Tuesday. Traders bought 1,492 put options on the company. This is an increase of approximately 1,576% compared to the average daily volume of 89 put options.

In other news, Director James A. Lawrence sold 20,620 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $45.20, for a total transaction of $932,024.00. Following the completion of the transaction, the director now owns 500,000 shares of the company’s stock, valued at approximately $22,600,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kenneth A. Jacobson sold 7,796 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $47.92, for a total value of $373,584.32. The disclosure for this sale can be found here. Insiders have sold a total of 215,911 shares of company stock valued at $10,207,871 in the last three months. 1.65% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in Avnet by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,012,383 shares of the technology company’s stock worth $144,847,000 after purchasing an additional 22,153 shares during the period. Jane Street Group LLC boosted its holdings in Avnet by 40.1% in the fourth quarter. Jane Street Group LLC now owns 9,784 shares of the technology company’s stock valued at $353,000 after acquiring an additional 2,801 shares during the last quarter. Norges Bank bought a new position in Avnet in the fourth quarter valued at about $46,361,000. Geode Capital Management LLC boosted its holdings in Avnet by 11.4% in the fourth quarter. Geode Capital Management LLC now owns 1,391,025 shares of the technology company’s stock valued at $50,215,000 after acquiring an additional 142,746 shares during the last quarter. Finally, Deutsche Bank AG boosted its holdings in Avnet by 46.9% in the fourth quarter. Deutsche Bank AG now owns 443,537 shares of the technology company’s stock valued at $16,009,000 after acquiring an additional 141,601 shares during the last quarter. Hedge funds and other institutional investors own 96.44% of the company’s stock.

A number of equities analysts have issued reports on AVT shares. Zacks Investment Research cut German American Bancorp. from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Deutsche Bank set a $60.00 target price on Taubman Centers and gave the stock a “hold” rating in a report on Tuesday, June 11th. Citigroup set a $221.00 target price on 3M and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, TheStreet raised Medpace from a “c” rating to a “b-” rating in a report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Avnet has an average rating of “Hold” and an average price target of $48.00.

Shares of AVT opened at $45.72 on Wednesday. Avnet has a 12-month low of $33.55 and a 12-month high of $49.40. The stock has a 50-day moving average price of $44.12.

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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