Blue Harbour Group Lowers stake in Avnet (AVT)

Avnet (AVT) : Blue Harbour Group reduced its stake in Avnet by 27.72% during the most recent quarter end. The investment management company now holds a total of 4,476,772 shares of Avnet which is valued at $198,365,767 after selling 1,717,024 shares in Avnet , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Avnet makes up approximately 7.90% of Blue Harbour Group’s portfolio.

Other Hedge Funds, Including , Tiaa Cref Investment Management boosted its stake in AVT in the latest quarter, The investment management firm added 56,628 additional shares and now holds a total of 388,207 shares of Avnet which is valued at $16,603,613. Avnet makes up approx 0.01% of Tiaa Cref Investment Management’s portfolio.Cornerstone Advisors reduced its stake in AVT by selling 30 shares or 10.71% in the most recent quarter. The Hedge Fund company now holds 250 shares of AVT which is valued at $10,455. Avnet makes up approx 0.01% of Cornerstone Advisors’s portfolio.

Avnet opened for trading at $45 and hit $45.305 on the upside on Monday, eventually ending the session at $45.14, with a gain of 0.13% or 0.06 points. The heightened volatility saw the trading volume jump to 6,51,828 shares. Company has a market cap of $5,761 M.

On the company’s financial health, Avnet reported $0.91 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Oct 27, 2016. Analyst had a consensus of $0.89. The company had revenue of $6040.30 million for the quarter, compared to analysts expectations of $6123.34 million. The company’s revenue was down -13.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.12 EPS.

Investors should note that on Nov 11, 2016, Avnet announced a cash dividend of $0.1700. The company’s management has announced Dec 2, 2016 as the ex-dividend date and fixed the record date on Dec 6, 2016. The payable date has been fixed on Dec 19, 2016.

Many Wall Street Analysts have commented on Avnet. Avnet was Upgraded by Longbow to ” Buy” on Oct 21, 2016. Shares were Downgraded by Stifel on Sep 20, 2016 to ” Hold” and Lowered the Price Target to $ 44 from a previous price target of $47 .

Avnet Inc. distributes electronic components enterprise computer and storage products information technology solutions and services and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe the Middle East and Africa; and Asia/Pacific consisting of Asia Australia and New Zealand. The EM segment markets and sells semiconductors and interconnect passive and electromechanical devices and embedded products to a diverse customer base serving many end-markets. The TS segment focuses on the distribution of enterprise computing servers and systems software storage services and complex solutions from the technology manufacturers. The TS segment also provides hard disk drives microprocessor motherboard and dynamic random-access memory module technologies to manufacturers of computers and system builders.

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