Blue Harbour Group buys $257,661,914 stake in Avnet (AVT)

Avnet (AVT) : Blue Harbour Group scooped up 750,000 additional shares in Avnet during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 6,193,796 shares of Avnet which is valued at $257,661,914.Avnet makes up approximately 8.24% of Blue Harbour Group’s portfolio.

Other Hedge Funds, Including , Municipal Employees’ Retirement System Of Michigan boosted its stake in AVT in the latest quarter, The investment management firm added 13,130 additional shares and now holds a total of 56,890 shares of Avnet which is valued at $2,366,624. Avnet makes up approx 0.12% of Municipal Employees’ Retirement System Of Michigan’s portfolio.Mitsubishi Ufj Trust Banking Corp reduced its stake in AVT by selling 84,604 shares or 23.55% in the most recent quarter. The Hedge Fund company now holds 274,579 shares of AVT which is valued at $11,422,486. Avnet makes up approx 0.02% of Mitsubishi Ufj Trust Banking Corp’s portfolio.Profund Advisors boosted its stake in AVT in the latest quarter, The investment management firm added 5,159 additional shares and now holds a total of 26,286 shares of Avnet which is valued at $1,093,498. Avnet makes up approx 0.05% of Profund Advisors’s portfolio.

Avnet opened for trading at $41.73 and hit $41.93 on the upside on Thursday, eventually ending the session at $41.71, with a gain of 0.07% or 0.03 points. The heightened volatility saw the trading volume jump to 8,41,187 shares. Company has a market cap of $5,312 M.

On the company’s financial health, Avnet reported $0.86 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Aug 10, 2016. Analyst had a consensus of $0.83. The company had revenue of $6226.81 million for the quarter, compared to analysts expectations of $6205.57 million. The company’s revenue was down -8.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.16 EPS.

Many Wall Street Analysts have commented on Avnet. Avnet was Downgraded by Longbow to ” Neutral” on Jul 11, 2016. 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 .

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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