Allianz Asset Management GmbH Sells 6,881 Shares of Avnet, Inc. $AVT

Key Points

• Allianz Asset Management GmbH reduced its stake in Avnet, Inc. by 1.0%, selling 6,881 shares and now holding 675,517 shares valued at approximately $35.86 million.
• Avnet recently announced an increase in its quarterly dividend from $0.33 to $0.35 per share, representing an annualized dividend of $1.40 and a yield of 2.7%.
• In its latest earnings report, Avnet reported an EPS of $0.81, exceeding analysts' expectations and achieving a 1.0% year-over-year revenue increase to $5.62 billion.

Allianz Asset Management GmbH lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 1.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 675,517 shares of the company's stock after selling 6,881 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.81% of Avnet worth $35,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Ritholtz Wealth Management bought a new position in shares of Avnet during the second quarter valued at approximately $928,000. Sequoia Financial Advisors LLC bought a new position in Avnet in the second quarter worth $394,000. Pzena Investment Management LLC raised its holdings in Avnet by 2.9% in the second quarter. Pzena Investment Management LLC now owns 7,341,299 shares of the company's stock worth $389,676,000 after purchasing an additional 209,003 shares in the last quarter. CWM LLC raised its holdings in Avnet by 149.7% in the second quarter. CWM LLC now owns 2,907 shares of the company's stock worth $154,000 after purchasing an additional 1,743 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in Avnet by 27.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 19,463 shares of the company's stock worth $1,033,000 after purchasing an additional 4,235 shares in the last quarter. Institutional investors own 95.78% of the company's stock.

Avnet Trading Down 0.6%

NASDAQ AVT opened at $52.08 on Friday. Avnet, Inc. has a 12 month low of $39.22 and a 12 month high of $59.24. The stock has a market cap of $4.34 billion, a P/E ratio of 19.08, a P/E/G ratio of 0.39 and a beta of 1.06. The stock's fifty day moving average price is $52.97 and its 200-day moving average price is $51.70. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts' consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion for the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the prior year, the firm posted $1.22 earnings per share. The company's quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities analysts forecast that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Wednesday, September 17th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.7%. This is a boost from Avnet's previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Wednesday, September 17th. Avnet's payout ratio is 51.28%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVT shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of Avnet in a report on Wednesday, October 8th. Truist Financial increased their price objective on Avnet from $50.00 to $54.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Finally, Bank of America increased their price objective on Avnet from $48.00 to $50.00 and gave the stock an "underperform" rating in a report on Monday, August 11th. Two equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average price target of $49.00.

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.

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