Convergence Investment Partners LLC Grows Stake in Avnet (NYSE:AVT)

Convergence Investment Partners LLC boosted its position in shares of Avnet (NYSE:AVT) by 237.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,675 shares of the technology company’s stock after purchasing an additional 23,694 shares during the quarter. Convergence Investment Partners LLC’s holdings in Avnet were worth $939,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. First Trust Advisors LP purchased a new position in shares of Avnet in the 1st quarter valued at $4,080,000. Stifel Financial Corp purchased a new position in shares of Avnet in the 4th quarter valued at $420,000. Jane Street Group LLC increased its holdings in shares of Avnet by 125.9% in the 4th quarter. Jane Street Group LLC now owns 11,544 shares of the technology company’s stock valued at $490,000 after acquiring an additional 6,433 shares during the period. Sunbelt Securities Inc. purchased a new position in Avnet during the 4th quarter worth $5,122,000. Finally, Macquarie Group Ltd. grew its stake in Avnet by 127.1% during the 4th quarter. Macquarie Group Ltd. now owns 517,669 shares of the technology company’s stock worth $21,970,000 after buying an additional 289,691 shares during the last quarter. Institutional investors own 96.44% of the company’s stock.

In other Avnet news, SVP Maryann G. Miller sold 11,456 shares of Avnet stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $29.00, for a total transaction of $332,224.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.65% of the company’s stock.

AVT traded down $0.02 on Friday, reaching $26.72. 518,904 shares of the stock were exchanged, compared to its average volume of 1,026,836. The company’s 50-day moving average price is $26.71 and its 200 day moving average price is $29.85. Avnet has a fifty-two week low of $17.85 and a fifty-two week high of $46.41.

AVT has been the topic of several research analyst reports. Loop Capital initiated coverage on Avnet in a research note on Thursday, April 23rd. They set a “hold” rating and a $30.00 target price on the stock. Citigroup dropped their target price on Avnet from $34.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 28th. Raymond James dropped their target price on Avnet from $47.00 to $44.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, April 28th. Finally, Wells Fargo & Co restated an “equal weight” rating and set a $27.00 target price (up from $22.00) on shares of Avnet in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $34.00.

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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