California State Teachers Retirement System Decreases Stock Holdings in Avnet (NYSE:AVT)

California State Teachers Retirement System trimmed its stake in shares of Avnet (NYSE:AVT) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 185,400 shares of the technology company’s stock after selling 8,244 shares during the quarter. California State Teachers Retirement System owned 0.17% of Avnet worth $8,041,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the business. Pearl River Capital LLC acquired a new position in shares of Avnet during the fourth quarter valued at about $61,000. Osborn Williams & Donohoe LLC bought a new position in Avnet in the 1st quarter worth $132,000. Greenleaf Trust bought a new position in Avnet in the 1st quarter worth $218,000. Canada Pension Plan Investment Board raised its holdings in Avnet by 5,495.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 6,211 shares of the technology company’s stock worth $224,000 after purchasing an additional 6,100 shares in the last quarter. Finally, Bailard Inc. bought a new position in Avnet in the 1st quarter worth $286,000. Institutional investors own 96.44% of the company’s stock.

In related news, Director James A. Lawrence sold 187,495 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $47.48, for a total value of $8,902,262.60. Following the transaction, the director now owns 616,392 shares of the company’s stock, valued at $29,266,292.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kenneth A. Jacobson sold 7,796 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $47.92, for a total transaction of $373,584.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 215,911 shares of company stock worth $10,207,871. Insiders own 1.65% of the company’s stock.

Several research analysts recently issued reports on AVT shares. Citigroup set a $47.00 price target on shares of Avnet and gave the stock a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research lowered shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Deutsche Bank started coverage on shares of Avnet in a research note on Tuesday, June 11th. They issued a “hold” rating and a $44.00 price target for the company. Finally, TheStreet upgraded shares of Avnet from a “c+” rating to a “b-” rating in a research note on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $47.80.

AVT stock traded up $0.32 during trading on Monday, hitting $45.59. 458,415 shares of the stock traded hands, compared to its average volume of 693,585. Avnet has a 1 year low of $33.55 and a 1 year high of $49.40. The stock has a 50 day simple moving average of $43.29.

Avnet (NYSE:AVT) last announced its quarterly earnings results on Thursday, April 25th. The technology company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.01. The company had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.75 billion. The business’s revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 EPS.

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 19th. Stockholders of record on Wednesday, June 5th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Tuesday, June 4th.

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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