Avnet (AVT) : Iat Reinsurance Co Ltd. added new position in Avnet during the most recent quarter end. The investment management firm now holds 69,000 shares of Avnet which is valued at $2.7 Million , the company said in a statement filed on May 13, 2016 with the SEC.Avnet makes up approximately 1.81% of Iat Reinsurance Co Ltd.’s portfolio.
Other Hedge Funds, Including , Wellington Management Group Llp reduced its stake in AVT by selling 25,147 shares or 1.38% in the most recent quarter. The Hedge Fund company now holds 1,802,217 shares of AVT which is valued at $70.1 Million. Avnet makes up approx 0.02% of Wellington Management Group Llp’s portfolio. Thompson Siegel Walmsley added AVT to its portfolio by purchasing 757,755 company shares during the most recent quarter which is valued at $29.5 Million. Avnet makes up approx 0.49% of Thompson Siegel Walmsley’s portfolio.Swiss National Bank boosted its stake in AVT in the latest quarter, The investment management firm added 99,500 additional shares and now holds a total of 343,432 shares of Avnet which is valued at $13.5 Million. Avnet makes up approx 0.02% of Swiss National Bank’s portfolio.Pillar Pacific Capital Management reduced its stake in AVT by selling 390 shares or 6.68% in the most recent quarter. The Hedge Fund company now holds 5,450 shares of AVT which is valued at $214,730. Avnet makes up approx 0.04% of Pillar Pacific Capital Management’s portfolio. Thompson Davis sold out all of its stake in AVT during the most recent quarter. The investment firm sold 79 shares of AVT which is valued $3,113.
Avnet opened for trading at $40.35 and hit $40.51 on the upside on Wednesday, eventually ending the session at $40.11, with a gain of 0.25% or 0.1 points. The heightened volatility saw the trading volume jump to 12,62,671 shares. Company has a market cap of $5,155 M.
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.
Investors should note that on May 13, 2016, Avnet announced a cash dividend of $0.1700. The company’s management has announced Jun 3, 2016 as the ex-dividend date and fixed the record date on Jun 7, 2016. The payable date has been fixed on Jun 20, 2016.
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.