Jacobs Levy Equity Management Inc. Sells 142,129 Shares of Avnet (NYSE:AVT)
Jacobs Levy Equity Management Inc. lessened its stake in shares of Avnet (NYSE:AVT) by 28.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 365,425 shares of the technology company’s stock after selling 142,129 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in Avnet were worth $15,848,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Rockefeller Capital Management L.P. acquired a new stake in Avnet in the 1st quarter worth about $32,000. Oregon Public Employees Retirement Fund boosted its stake in Avnet by 2,437.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,741,897 shares of the technology company’s stock worth $48,000 after buying an additional 1,673,236 shares during the last quarter. Pearl River Capital LLC acquired a new stake in Avnet in the 4th quarter worth about $61,000. Osborn Williams & Donohoe LLC acquired a new stake in Avnet in the 1st quarter worth about $132,000. Finally, Financial Counselors Inc. acquired a new position in shares of Avnet in the 1st quarter valued at about $214,000. Hedge funds and other institutional investors own 96.44% of the company’s stock.
Several research firms have recently weighed in on AVT. Deutsche Bank began coverage on Avnet in a research note on Tuesday. They issued a “hold” rating and a $44.00 price objective on the stock. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Tuesday, April 30th. Citigroup set a $47.00 price objective on Avnet and gave the company a “hold” rating in a research note on Friday, April 26th. Finally, TheStreet raised Avnet from a “c+” rating to a “b-” rating in a research note on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $48.17.
Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.01. The firm had revenue of $4.70 billion during the quarter, compared to analyst estimates of $4.75 billion. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.02 earnings per share.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 19th. Investors of record on Wednesday, June 5th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Tuesday, June 4th.
In related news, Director James A. Lawrence sold 187,495 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $47.48, for a total transaction of $8,902,262.60. Following the transaction, the director now directly owns 616,392 shares of the company’s stock, valued at approximately $29,266,292.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James A. Lawrence sold 20,620 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $45.20, for a total value of $932,024.00. Following the transaction, the director now directly owns 500,000 shares in the company, valued at $22,600,000. The disclosure for this sale can be found here. Insiders have sold a total of 215,911 shares of company stock worth $10,207,871 over the last three months. 1.65% of the stock is currently owned by corporate insiders.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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