Avnet (AVT) : Campbell Co Investment Adviser added new position in Avnet during the most recent quarter end. The investment management firm now holds 9,789 shares of Avnet which is valued at $385,687 , the company said in a statement filed on May 2, 2016 with the SEC.Avnet makes up approximately 1.41% of Campbell Co Investment Adviser’s portfolio.
Avnet closed down -0.07 points or -0.18% at $39.4 with 13,07,189 shares getting traded on Friday. Post opening the session at $39.41, the shares hit an intraday low of $39.1 and an intraday high of $39.72 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
Other Hedge Funds, Including , Quantitative Investment Management sold out all of its stake in AVT during the most recent quarter. The investment firm sold 11,000 shares of AVT which is valued $433,400.Channing Capital Management reduced its stake in AVT by selling 123,333 shares or 65.22% in the most recent quarter. The Hedge Fund company now holds 65,763 shares of AVT which is valued at $2,704,175. Avnet makes up approx 0.12% of Channing Capital Management’s portfolio.
On the company’s financial health, Avnet reported $1.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.98. The company had revenue of $6174.71 million for the quarter, compared to analysts expectations of $6309.03 million. The company’s revenue was down -8.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.04 EPS.
Many Wall Street Analysts have commented on Avnet. Shares were Downgraded by Citigroup on May 2, 2016 to ” Sell” and Lowered the Price Target to $ 34 from a previous price target of $49 .Avnet was Downgraded by Brean Capital to ” Hold” on Apr 29, 2016. Avnet was Downgraded by Credit Agricole to ” Underperform” on Apr 28, 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.