Chicago Equity Partners LLC Buys Shares of 63,140 Avnet (AVT)
Chicago Equity Partners LLC bought a new position in Avnet (NYSE:AVT) during the third quarter, according to its most recent filing with the SEC. The firm bought 63,140 shares of the technology company’s stock, valued at approximately $2,827,000. Chicago Equity Partners LLC owned approximately 0.06% of Avnet as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of AVT. CIBC World Markets Inc. bought a new position in shares of Avnet in the 2nd quarter worth $201,000. CHICAGO TRUST Co NA bought a new position in shares of Avnet in the 3rd quarter worth $207,000. Jane Street Group LLC bought a new position in shares of Avnet in the 2nd quarter worth $210,000. Foster & Motley Inc. bought a new position in shares of Avnet in the 2nd quarter worth $226,000. Finally, Andesa Financial Management Inc. bought a new position in shares of Avnet in the 3rd quarter worth $258,000. Institutional investors own 96.44% of the company’s stock.
In related news, insider Maryann G. Miller sold 15,024 shares of the stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.99, for a total value of $721,001.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.65% of the company’s stock.
NYSE AVT opened at $43.66 on Friday. Avnet has a 12 month low of $37.11 and a 12 month high of $49.40.
Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, October 25th. The technology company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates 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 announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 29th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to purchase up to 10.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
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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