Tocqueville Asset Management L.P. Sells 10,000 Shares of Avnet (NYSE:AVT)
Tocqueville Asset Management L.P. decreased its position in shares of Avnet (NYSE:AVT) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 90,250 shares of the technology company’s stock after selling 10,000 shares during the quarter. Tocqueville Asset Management L.P. owned 0.08% of Avnet worth $4,086,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of AVT. Wealthcare Advisory Partners LLC lifted its holdings in shares of Avnet by 1,687.2% in the second quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock worth $32,000 after acquiring an additional 658 shares during the last quarter. Advisory Services Network LLC lifted its holdings in shares of Avnet by 1,178.9% in the first quarter. Advisory Services Network LLC now owns 908 shares of the technology company’s stock worth $40,000 after acquiring an additional 837 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Avnet in the second quarter worth about $74,000. Osborn Williams & Donohoe LLC bought a new position in shares of Avnet in the first quarter worth about $132,000. Finally, Smith Salley & Associates bought a new position in shares of Avnet in the second quarter worth about $204,000. 96.44% of the stock is owned by institutional investors and hedge funds.
Shares of Avnet stock traded down $1.24 on Wednesday, hitting $40.10. The stock had a trading volume of 16,560 shares, compared to its average volume of 692,990. The company has a 50 day moving average of $43.85. Avnet has a twelve month low of $33.55 and a twelve month high of $49.40.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. Bank of America reissued a “buy” rating and issued a $47.00 target price (down previously from $50.00) on shares of Avnet in a report on Friday, August 9th. Raymond James dropped their target price on shares of Avnet from $52.00 to $50.00 and set a “strong-buy” rating for the company in a report on Friday, August 9th. Deutsche Bank assumed coverage on shares of Avnet in a report on Tuesday, June 11th. They issued a “hold” rating and a $44.00 target price for the company. Finally, Citigroup set a $47.00 target price on shares of Avnet and gave the stock a “hold” rating in a report on Friday, April 26th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Avnet has a consensus rating of “Buy” and a consensus price target of $45.50.
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.
Further Reading: Understanding Price to Earnings Ratio (PE)
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