Allianz Asset Management GmbH Decreases Holdings in Avnet, Inc. (NASDAQ:AVT)

Allianz Asset Management GmbH cut its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 682,398 shares of the company's stock after selling 190,942 shares during the period. Allianz Asset Management GmbH owned about 0.79% of Avnet worth $32,817,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVT. Norges Bank purchased a new position in Avnet in the fourth quarter valued at $52,924,000. Woodline Partners LP purchased a new stake in Avnet during the 4th quarter worth about $38,097,000. Raymond James Financial Inc. purchased a new stake in Avnet during the 4th quarter worth about $32,676,000. Bank of America Corp DE lifted its holdings in Avnet by 149.9% during the 4th quarter. Bank of America Corp DE now owns 701,957 shares of the company's stock worth $36,726,000 after buying an additional 421,098 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in Avnet by 25.2% during the 4th quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after buying an additional 180,134 shares during the last quarter. 95.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on AVT. Wells Fargo & Company decreased their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a report on Thursday, May 1st. Truist Financial decreased their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a report on Thursday, May 1st.

Avnet Stock Performance

AVT stock traded up $0.16 during trading on Friday, hitting $53.50. The company had a trading volume of 579,679 shares, compared to its average volume of 690,082. The firm has a market cap of $4.49 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.17 and a beta of 1.03. Avnet, Inc. has a 1-year low of $39.22 and a 1-year high of $59.24. The firm has a 50-day moving average price of $52.68 and a 200-day moving average price of $50.68. The company has a quick ratio of 1.13, a current ratio of 2.44 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.12. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.25 billion. During the same quarter in the previous year, the firm posted $1.10 EPS. The firm's revenue for the quarter was down 6.0% on a year-over-year basis. On average, analysts expect that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.47%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is 36.97%.

Insider Transactions at Avnet

In other Avnet news, VP Elizabeth Mcmullen sold 4,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total transaction of $211,200.00. Following the transaction, the vice president owned 14,626 shares in the company, valued at approximately $772,252.80. The trade was a 21.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.50% of the company's stock.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.