Shorts Action: Could Avnet Incorporated (NYSE:AVT) Change Direction After More Shorts?

November 25, 2016 - By Marie Mckinney   ·   0 Comments

Shorts Action: Could Avnet Incorporated (NYSE:AVT) Change Direction After More Shorts?

The stock of Avnet Incorporated (NYSE:AVT) registered an increase of 9.73% in short interest. AVT’s total short interest was 2.65M shares in November as published by FINRA. Its up 9.73% from 2.42M shares, reported previously. With 881,900 shares average volume, it will take short sellers 3 days to cover their AVT’s short positions. The short interest to Avnet Incorporated’s float is 2.1%. The stock increased 0.02% or $0.01 on November 23, hitting $46.19. Avnet, Inc. (NYSE:AVT) has risen 5.34% since April 22, 2016 and is uptrending. It has underperformed by 0.07% the S&P500.

Avnet, Inc. is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology solutions and services, and embedded subsystems. The company has a market cap of $5.90 billion. The Firm operates through two divisions: Electronics Marketing and Technology Solutions (TS). It has a 13.7 P/E ratio. The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.

Insitutional Activity: The institutional sentiment increased to 0.98 in 2016 Q2. Its up 0.09, from 0.89 in 2016Q1. The ratio improved, as 44 funds sold all Avnet, Inc. shares owned while 125 reduced positions. 26 funds bought stakes while 125 increased positions. They now own 118.58 million shares or 5.22% less from 125.12 million shares in 2016Q1.
Mitsubishi Ufj Trust And last reported 274,579 shares in the company. Dimensional Fund Advsr Lp holds 4.18M shares or 0.1% of its portfolio. The Australia-based Amp Cap Invsts has invested 0.07% in Avnet, Inc. (NYSE:AVT). Moreover, Texas Permanent School Fund has 0.05% invested in Avnet, Inc. (NYSE:AVT) for 98,265 shares. Moreover, Archford Cap Strategies Llc has 0% invested in Avnet, Inc. (NYSE:AVT) for 225 shares. Moreover, Boston Private Wealth Ltd Limited Liability Company has 0.01% invested in Avnet, Inc. (NYSE:AVT) for 5,475 shares. Ny State Common Retirement Fund, a New York-based fund reported 834,790 shares. Guggenheim Capital Limited Company has 140,486 shares for 0.02% of their US portfolio. Old West Management Ltd Liability Com has 0.64% invested in the company for 21,725 shares. Commonwealth National Bank Of last reported 0.02% of its portfolio in the stock. Price T Rowe Assocs Md has invested 0% of its portfolio in Avnet, Inc. (NYSE:AVT). The Japan-based Mu Co has invested 0.09% in Avnet, Inc. (NYSE:AVT). First Republic Inc last reported 0.01% of its portfolio in the stock. Proshare Llc owns 12,008 shares or 0.01% of their US portfolio. Citigroup Inc has 120,312 shares for 0% of their US portfolio.

Avnet, Inc. (NYSE:AVT) Ratings Coverage

Out of 7 analysts covering Avnet Inc. (NYSE:AVT), 1 rate it a “Buy”, 2 “Sell”, while 4 “Hold”. This means 14% are positive. Avnet Inc. has been the topic of 14 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Longbow upgraded the stock to “Buy” rating in Friday, October 21 report. Longbow upgraded the shares of AVT in a report on Friday, January 22 to “Buy” rating. The company was downgraded on Tuesday, September 20 by Stifel Nicolaus. The firm has “Neutral” rating given on Wednesday, April 27 by Bank of America. The rating was maintained by Citigroup on Thursday, September 22 with “Sell”. The stock of Avnet, Inc. (NYSE:AVT) has “Sell” rating given on Tuesday, September 20 by Cross Research. On Friday, April 29 the stock rating was downgraded by Brean Capital to “Hold”. On Thursday, August 11 the stock rating was maintained by Citigroup with “Sell”. The stock of Avnet, Inc. (NYSE:AVT) has “Neutral” rating given on Tuesday, June 7 by Goldman Sachs.

AVT Company Profile

Avnet, Inc. (Avnet), incorporated on July 22, 1955, is a distributor of electronic components, enterprise computer, networking and storage products and software, information technology (IT) solutions and services, and embedded subsystems. The Firm operates through two divisions: Electronics Marketing (EM) and Technology Solutions (TS). The EM segment markets and sells semiconductors and interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets. The TS segment focuses on the distribution of enterprise computing servers and systems, software, storage, services and solutions from the technology manufacturers and software developers. The TS segment also provides hard disk drives, microprocessor, motherboard and dynamic random access memory (DRAM) module technologies to manufacturers of general-purpose computers and system builders.

Another recent and important Avnet, Inc. (NYSE:AVT) news was published by Businesswire.com which published an article titled: “Avnet Acquires Hackster Inc.” on November 14, 2016.

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By Marie Mckinney


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