Hotchkis & Wiley Capital Management LLC Has $61.39 Million Position in Avnet, Inc. (AVT)

Hotchkis & Wiley Capital Management LLC boosted its position in shares of Avnet, Inc. (NYSE:AVT) by 14.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,578,984 shares of the technology company’s stock after buying an additional 198,900 shares during the quarter. Hotchkis & Wiley Capital Management LLC owned approximately 1.26% of Avnet worth $61,391,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Loews Corp grew its position in Avnet by 28.8% during the second quarter. Loews Corp now owns 9,401 shares of the technology company’s stock valued at $366,000 after buying an additional 2,101 shares during the period. BlueMountain Capital Management LLC grew its position in shares of Avnet by 140.3% in the second quarter. BlueMountain Capital Management LLC now owns 35,838 shares of the technology company’s stock valued at $1,393,000 after purchasing an additional 20,926 shares during the period. Amalgamated Bank grew its position in shares of Avnet by 20.3% in the second quarter. Amalgamated Bank now owns 24,450 shares of the technology company’s stock valued at $951,000 after purchasing an additional 4,134 shares during the period. Nationwide Fund Advisors grew its position in shares of Avnet by 9.0% in the second quarter. Nationwide Fund Advisors now owns 389,386 shares of the technology company’s stock valued at $15,139,000 after purchasing an additional 32,070 shares during the period. Finally, TIAA CREF Investment Management LLC grew its position in shares of Avnet by 5.3% in the second quarter. TIAA CREF Investment Management LLC now owns 380,036 shares of the technology company’s stock valued at $14,776,000 after purchasing an additional 19,148 shares during the period. Institutional investors own 97.14% of the company’s stock.

Several analysts have recently issued reports on the stock. Bank of America Corporation lowered shares of Avnet from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $44.00 to $40.00 in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Avnet from a “sell” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub lowered shares of Avnet from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Deutsche Bank AG reiterated a “hold” rating and issued a $39.00 target price (down previously from $40.00) on shares of Avnet in a research report on Thursday, August 10th. Finally, ValuEngine lowered shares of Avnet from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Six equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $42.11.

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Avnet, Inc. (NYSE:AVT) traded up 1.02% during trading on Friday, hitting $38.76. 1,062,139 shares of the stock traded hands. The company’s 50 day moving average price is $37.57 and its 200-day moving average price is $40.05. Avnet, Inc. has a 52-week low of $35.67 and a 52-week high of $51.50. The stock has a market cap of $4.77 billion, a P/E ratio of 9.49 and a beta of 1.03.

Avnet (NYSE:AVT) last issued its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.07. Avnet had a net margin of 3.00% and a return on equity of 8.87%. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.48 billion. During the same period in the prior year, the company earned $0.86 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. Equities research analysts forecast that Avnet, Inc. will post $3.26 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, September 6th were paid a dividend of $0.18 per share. The ex-dividend date was Friday, September 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.86%. Avnet’s dividend payout ratio is currently 17.69%.

In other Avnet news, Director J Veronica Biggins sold 10,600 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $37.10, for a total transaction of $393,260.00. Following the sale, the director now directly owns 12,191 shares of the company’s stock, valued at approximately $452,286.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.47% of the stock is owned by company insiders.

Avnet Profile

Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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