Denali Advisors buys $12,905,163 stake in Avnet (AVT)

Avnet (AVT) : Denali Advisors scooped up 11,200 additional shares in Avnet during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Apr 11, 2016. The investment management firm now holds a total of 288,900 shares of Avnet which is valued at $12,905,163.Avnet makes up approximately 2.88% of Denali Advisors’s portfolio.

Avnet opened for trading at $44.07 and hit $44.73 on the upside on Friday, eventually ending the session at $44.67, with a gain of 0.72% or 0.32 points. The heightened volatility saw the trading volume jump to 12,34,615 shares. Company has a market cap of $5,864 M.

Other Hedge Funds, Including , Fjarde Ap-fonden Fourth Swedish National Pension Fund boosted its stake in AVT in the latest quarter, The investment management firm added 3,366 additional shares and now holds a total of 42,094 shares of Avnet which is valued at $1,880,339. Avnet makes up approx 0.04% of Fjarde Ap-fonden Fourth Swedish National Pension Fund’s portfolio.Fruth Investment Management reduced its stake in AVT by selling 625 shares or 1.39% in the most recent quarter. The Hedge Fund company now holds 44,250 shares of AVT which is valued at $1,926,645. Avnet makes up approx 0.97% of Fruth Investment Management’s portfolio.Foundry Partners boosted its stake in AVT in the latest quarter, The investment management firm added 6,040 additional shares and now holds a total of 104,385 shares of Avnet which is valued at $4,544,923. Avnet makes up approx 0.46% of Foundry Partners’s portfolio.First National Bank Of Mount Dora Trust Investment Services reduced its stake in AVT by selling 1,551 shares or 2.09% in the most recent quarter. The Hedge Fund company now holds 72,695 shares of AVT which is valued at $3,165,140. Avnet makes up approx 1.88% of First National Bank Of Mount Dora Trust Investment Services’s portfolio.Cacti Asset Management reduced its stake in AVT by selling 384,588 shares or 98.31% in the most recent quarter. The Hedge Fund company now holds 6,615 shares of AVT which is valued at $296,352. Avnet makes up approx 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 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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