Allianz Asset Management GmbH Sells 190,942 Shares of Avnet, Inc. (NASDAQ:AVT)

Allianz Asset Management GmbH lowered its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 21.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Avnet in the fourth quarter valued at about $52,924,000. Lind Value II ApS lifted its holdings in shares of Avnet by 15.6% in the first quarter. Lind Value II ApS now owns 1,003,897 shares of the company's stock valued at $48,277,000 after purchasing an additional 135,135 shares in the last quarter. Northern Trust Corp lifted its holdings in Avnet by 25.2% during the fourth quarter. Northern Trust Corp now owns 895,927 shares of the company's stock worth $46,875,000 after acquiring an additional 180,134 shares during the period. Woodline Partners LP bought a new stake in Avnet during the fourth quarter worth $38,097,000. Finally, Bank of America Corp DE increased its position in Avnet by 149.9% in the fourth 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. Institutional investors and hedge funds own 95.78% of the company's stock.

Insider Activity

In other news, VP Elizabeth Mcmullen sold 4,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the transaction, the vice president directly owned 14,626 shares in the company, valued at approximately $772,252.80. This represents a 21.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.50% of the company's stock.

Avnet Price Performance

NASDAQ:AVT traded down $1.69 during trading hours on Thursday, hitting $53.34. 958,486 shares of the company's stock traded hands, compared to its average volume of 670,099. The firm has a market cap of $4.47 billion, a P/E ratio of 14.94, a P/E/G ratio of 1.20 and a beta of 1.03. Avnet, Inc. has a 52 week low of $39.22 and a 52 week high of $59.24. The business's fifty day simple moving average is $52.65 and its two-hundred day simple moving average is $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 posted its quarterly earnings data 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. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 6.96% and a net margin of 1.43%. The firm's quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the company earned $1.10 earnings per share. On average, research analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Wednesday, June 4th. Avnet's payout ratio is currently 36.97%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AVT shares. Wells Fargo & Company reduced their price target on Avnet from $45.00 to $43.00 and set an "underweight" rating for the company in a research report on Thursday, May 1st. Truist Financial reduced their price target on Avnet from $52.00 to $50.00 and set a "hold" rating for the company in a research report on Thursday, May 1st.

About Avnet

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.