Avnet (NYSE:AVT) Shares Purchased by Westpac Banking Corp

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Westpac Banking Corp boosted its stake in Avnet (NYSE:AVT) by 1.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,570 shares of the technology company’s stock after buying an additional 1,000 shares during the period. Westpac Banking Corp owned 0.06% of Avnet worth $3,059,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Municipal Employees Retirement System of Michigan boosted its stake in Avnet by 1.1% during the second quarter. Municipal Employees Retirement System of Michigan now owns 20,050 shares of the technology company’s stock valued at $908,000 after buying an additional 220 shares in the last quarter. Dupont Capital Management Corp grew its holdings in Avnet by 3.1% in the 2nd quarter. Dupont Capital Management Corp now owns 10,005 shares of the technology company’s stock valued at $453,000 after buying an additional 300 shares during the last quarter. Bailard Inc. grew its holdings in shares of Avnet by 7.6% during the 2nd quarter. Bailard Inc. now owns 7,100 shares of the technology company’s stock worth $321,000 after purchasing an additional 500 shares in the last quarter. Crawford Investment Counsel Inc. grew its holdings in shares of Avnet by 0.4% during the 1st quarter. Crawford Investment Counsel Inc. now owns 128,464 shares of the technology company’s stock worth $5,571,000 after purchasing an additional 510 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC grew its holdings in shares of Avnet by 1,687.2% during the 2nd quarter. Wealthcare Advisory Partners LLC now owns 697 shares of the technology company’s stock worth $32,000 after purchasing an additional 658 shares in the last quarter. 96.44% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:AVT opened at $40.99 on Friday. Avnet has a 1-year low of $33.55 and a 1-year high of $49.40. The business’s 50 day moving average is $43.61 and its 200-day moving average is $43.96.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, August 8th. The technology company reported $0.95 earnings per share 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 quarter in the previous year, the firm earned $0.99 earnings per share. The company’s quarterly revenue was down 7.5% compared to the same quarter last year.

Several analysts have recently weighed in on AVT shares. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. TheStreet lowered Avnet from a “b” rating to a “c+” rating in a report on Thursday, August 8th. Bank of America reissued a “buy” rating and set a $47.00 price objective (down previously from $50.00) on shares of Avnet in a report on Friday, August 9th. Deutsche Bank started coverage on Avnet in a report on Tuesday, June 11th. They set a “hold” rating and a $44.00 price objective on the stock. Finally, Citigroup set a $47.00 price objective on 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 assigned a buy rating and one has given a strong buy rating to the company. Avnet presently has an average 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.

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Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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