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.

Avnet (NYSE:AVT) last released its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.05). The firm had revenue of $4.68 billion during the quarter, compared to the consensus estimate of $4.61 billion. During the same period in the prior year, the company earned $0.99 earnings per share. Avnet’s revenue for the quarter was down 7.5% compared to the same quarter last year.

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.

About Avnet

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)

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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