Westfield Capital Management Co. LP raised its stake in Avnet (NYSE:AVT) by 53.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 921,010 shares of the technology company’s stock after acquiring an additional 319,590 shares during the period. Westfield Capital Management Co. LP owned 0.87% of Avnet worth $41,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of AVT. Wealthcare Advisory Partners LLC raised its stake in shares of Avnet by 1,687.2% during the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock valued at $32,000 after acquiring an additional 658 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Avnet by 1,178.9% in the 1st quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after purchasing an additional 837 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Avnet in the 2nd quarter valued at $74,000. Smith Salley & Associates bought a new stake in Avnet during the 2nd quarter valued at $204,000. Finally, CHICAGO TRUST Co NA acquired a new position in Avnet during the second quarter worth $209,000. 96.44% of the stock is currently owned by institutional investors.

In related news, President Philip R. Gallagher sold 24,184 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $43.94, for a total value of $1,062,644.96. Following the completion of the sale, the president now owns 51,878 shares of the company’s stock, valued at approximately $2,279,519.32. The sale was disclosed in a document filed with the SEC, which is available at this link. 1.65% of the stock is owned by insiders.

AVT has been the subject of a number of analyst reports. Raymond James reduced their price objective on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, August 9th. Deutsche Bank assumed coverage on shares of Avnet in a report on Tuesday, June 11th. They issued a “hold” rating and a $44.00 target price on the stock. SunTrust Banks dropped their price target on shares of Avnet to $39.00 and set a “hold” rating on the stock in a research report on Monday, August 12th. TheStreet downgraded Avnet from a “b” rating to a “c+” rating in a research note on Thursday, August 8th. Finally, Bank of America reissued a “buy” rating and set a $47.00 price objective (down from $50.00) on shares of Avnet in a report on Friday, August 9th. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Avnet has a consensus rating of “Buy” and an average price target of $45.50.

Shares of NYSE AVT traded up $0.68 during mid-day trading on Wednesday, hitting $44.87. 183,481 shares of the company were exchanged, compared to its average volume of 705,881. The stock has a 50 day simple moving average of $42.54 and a 200-day simple moving average of $43.81. Avnet has a 1-year low of $33.55 and a 1-year high of $49.03.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by ($0.05). The business had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.61 billion. During the same quarter in the prior year, the company earned $0.99 earnings per share. The business’s revenue for the quarter was down 7.5% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th will be issued a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 1.87%. This is a positive change from Avnet’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, September 10th.

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.

Recommended Story: Stock Selection – What is cash flow?

Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet (NYSE:AVT).

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.