Cacti Asset Management buys $11,190,228 stake in Avnet (AVT)

Avnet (AVT) : Cacti Asset Management scooped up 271,265 additional shares in Avnet during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 1, 2016. The investment management firm now holds a total of 277,880 shares of Avnet which is valued at $11,190,228.Avnet makes up approximately 1.21% of Cacti Asset Management’s portfolio.

Avnet closed down -0.24 points or -0.59% at $40.27 with 5,30,969 shares getting traded on Friday. Post opening the session at $40.48, the shares hit an intraday low of $40.18 and an intraday high of $40.79 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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. Company shares were Upgraded by Goldman on Jun 7, 2016 to ” Neutral”, Firm has raised the Price Target to $ 41 from a previous price target of $39 .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 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.

Leave a Reply

Avnet - Is it time to Sell?

Top Brokerage Firms are advising their investors on Avnet. Subscribe to MoneyFlowIndex.Org Pre-Market Alerts, You will be the first to know the street buzz.