Assenagon Asset Management S.A. Buys 190,736 Shares of Avnet, Inc. (AVT)
Assenagon Asset Management S.A. increased its stake in shares of Avnet, Inc. (NYSE:AVT) by 113.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 359,438 shares of the technology company’s stock after buying an additional 190,736 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Avnet were worth $14,241,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in AVT. FMR LLC grew its holdings in Avnet by 102.0% during the second quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock worth $148,007,000 after buying an additional 1,922,592 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new stake in Avnet during the third quarter worth $45,908,000. Prudential PLC grew its holdings in Avnet by 33.2% during the second quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock worth $177,184,000 after buying an additional 1,134,700 shares in the last quarter. Gotham Asset Management LLC bought a new stake in Avnet during the second quarter worth $25,255,000. Finally, Pzena Investment Management LLC grew its holdings in Avnet by 7.5% during the third quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock worth $320,453,000 after buying an additional 570,577 shares in the last quarter. Institutional investors and hedge funds own 95.74% of the company’s stock.
In other Avnet news, CEO Amelio J. William acquired 3,000 shares of the business’s stock in a transaction on Friday, December 8th. The shares were acquired at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.65% of the stock is currently owned by insiders.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.06. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. During the same quarter in the previous year, the firm earned $0.77 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. equities analysts expect that Avnet, Inc. will post 3.36 EPS for the current year.
Avnet declared that its Board of Directors has approved a share repurchase plan on Friday, November 10th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.
Several equities research analysts recently issued reports on AVT shares. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, October 10th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 price objective on the stock in a research report on Friday, January 5th. Stifel Nicolaus boosted their price objective on Avnet from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Thursday, October 26th. Citigroup boosted their price objective on Avnet from $31.00 to $34.00 and gave the stock a “sell” rating in a research report on Friday, October 27th. Finally, TheStreet raised Avnet from a “c” rating to a “b-” rating in a research report on Friday, November 10th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $39.57.
Avnet Company Profile
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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