Brookstone Capital Management Decreases Stock Position in Avnet (NYSE:AVT)

Brookstone Capital Management cut its stake in Avnet (NYSE:AVT) by 47.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,126 shares of the technology company’s stock after selling 4,695 shares during the period. Brookstone Capital Management’s holdings in Avnet were worth $228,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Zeke Capital Advisors LLC increased its position in Avnet by 17.8% in the 3rd quarter. Zeke Capital Advisors LLC now owns 11,559 shares of the technology company’s stock valued at $514,000 after acquiring an additional 1,745 shares during the period. Envestnet Asset Management Inc. increased its position in Avnet by 11.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 43,252 shares of the technology company’s stock valued at $1,924,000 after acquiring an additional 4,615 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Avnet by 20.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 143,854 shares of the technology company’s stock valued at $6,400,000 after purchasing an additional 24,285 shares in the last quarter. Meeder Asset Management Inc. boosted its holdings in Avnet by 28.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 38,781 shares of the technology company’s stock valued at $1,726,000 after purchasing an additional 8,551 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its holdings in Avnet by 62.8% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 9,168 shares of the technology company’s stock valued at $408,000 after purchasing an additional 3,536 shares in the last quarter. Hedge funds and other institutional investors own 96.44% of the company’s stock.

A number of equities research analysts have weighed in on AVT shares. TheStreet lowered Avnet from a “b” rating to a “c+” rating in a report on Thursday, August 8th. Bank of America reaffirmed a “buy” rating and issued a $47.00 price objective (down previously from $50.00) on shares of Avnet in a report on Friday, August 9th. Longbow Research lowered Avnet from a “buy” rating to a “neutral” rating in a report on Friday, October 4th. Raymond James lowered their price objective on Avnet from $52.00 to $50.00 and set a “strong-buy” rating on the stock in a report on Friday, August 9th. Finally, SunTrust Banks lowered their price objective on Avnet to $39.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Avnet presently has an average rating of “Hold” and an average target price of $45.50.

Shares of AVT opened at $41.37 on Wednesday. Avnet has a twelve month low of $33.55 and a twelve month high of $49.03. The stock’s 50 day moving average is $42.63 and its two-hundred day moving average is $43.63.

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 Zacks’ consensus estimate of $1.00 by ($0.05). The business 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 company earned $0.99 earnings per share. The company’s quarterly revenue was down 7.5% compared to the same quarter last year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 25th. Stockholders of record on Wednesday, September 11th were paid a dividend of $0.21 per share. This is a positive change from Avnet’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, September 10th. This represents a $0.84 annualized dividend and a dividend yield of 2.03%.

Avnet announced that its Board of Directors has approved a stock buyback program on Monday, August 19th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 11% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

In other news, President Philip R. Gallagher sold 24,184 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $43.94, for a total transaction of $1,062,644.96. Following the sale, the president now owns 51,878 shares of the company’s stock, valued at approximately $2,279,519.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Schumann sold 13,288 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $44.78, for a total value of $595,036.64. The disclosure for this sale can be found here. 1.65% of the stock is owned by insiders.

Avnet Company Profile

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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