Cacti Asset Management Lowers stake in Avnet (AVT)

Avnet (AVT) : Cacti Asset Management reduced its stake in Avnet by 98.31% during the most recent quarter end. The investment management company now holds a total of 6,615 shares of Avnet which is valued at $296,352 after selling 384,588 shares in Avnet according to a report filed by the company on Apr 1, 2016 with the SEC.Avnet makes up approximately 0.03% of Cacti Asset Management’s portfolio.

On the company’s financial health, Avnet reported $1.22 EPS for the quarter, missing the analyst consensus estimate by $ -0.03 based on the information available during the earnings call on Jan 28, 2016. Analyst had a consensus of $1.25. The company had revenue of $6848.10 million for the quarter, compared to analysts expectations of $7214.06 million. The company’s revenue was down -9.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.27 EPS.

Many Wall Street Analysts have commented on Avnet. Avnet was Upgraded by Longbow to ” Buy” on Jan 22, 2016.

Avnet opened for trading at $43.63 and hit $44.18 on the upside on Monday, eventually ending the session at $43.54, with a gain of 0.14% or 0.06 points. The heightened volatility saw the trading volume jump to 3,86,182 shares. Company has a market cap of $5,715 M.

Avnet Inc. distributes electronic components enterprise computer and storage products information technology solutions and services and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe the Middle East and Africa; and Asia/Pacific consisting of Asia Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems software storage services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives microprocessor motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.

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