Pzena Investment Management LLC Has $350.75 Million Stock Holdings in Avnet, Inc. $AVT

Key Points

• Pzena Investment Management cut its Avnet stake by 19.1% in the first quarter but still owned 5.69 million shares worth about $350.8 million, making Avnet its 26th largest holding.
• Avnet reported better-than-expected quarterly results, with EPS of $1.48 and revenue of $7.12 billion, both above analyst estimates; revenue also rose 34% year over year.
• Insider activity and analyst sentiment were mixed: CEO Philip R. Gallagher sold shares, while Wall Street’s average rating on Avnet is "Hold" with an average price target of $89.

Pzena Investment Management LLC lessened its position in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 19.1% in the first quarter, according to its most recent filing with the SEC. The firm owned 5,692,230 shares of the company's stock after selling 1,345,568 shares during the quarter. Avnet makes up approximately 1.2% of Pzena Investment Management LLC's investment portfolio, making the stock its 26th largest holding. Pzena Investment Management LLC owned approximately 6.95% of Avnet worth $350,755,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVT. Jefferies Financial Group Inc. bought a new position in Avnet during the fourth quarter worth $602,000. Jupiter Asset Management Ltd. acquired a new position in Avnet in the fourth quarter valued at $4,865,000. GSA Capital Partners LLP boosted its position in Avnet by 255.2% during the fourth quarter. GSA Capital Partners LLP now owns 41,830 shares of the company's stock valued at $2,011,000 after acquiring an additional 30,052 shares during the last quarter. Citigroup Inc. grew its holdings in Avnet by 27.1% during the 3rd quarter. Citigroup Inc. now owns 103,509 shares of the company's stock worth $5,411,000 after acquiring an additional 22,063 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Avnet by 22.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 576,725 shares of the company's stock worth $30,151,000 after acquiring an additional 106,160 shares during the period. Institutional investors own 95.78% of the company's stock.

Insider Buying and Selling at Avnet

In other news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the completion of the transaction, the chief executive officer directly owned 145,003 shares of the company's stock, valued at $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AVT shares. Bank of America raised Avnet from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $66.00 to $96.00 in a research note on Wednesday, May 13th. Wells Fargo & Company lifted their target price on Avnet from $60.00 to $70.00 and gave the stock an "underweight" rating in a report on Thursday, April 30th. Weiss Ratings reissued a "hold (c+)" rating on shares of Avnet in a research note on Tuesday, June 16th. Zacks Research cut Avnet from a "strong-buy" rating to a "hold" rating in a report on Tuesday. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $95.00 price objective on shares of Avnet in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $89.00.

Avnet Stock Down 1.7%

AVT opened at $87.28 on Thursday. Avnet, Inc. has a fifty-two week low of $44.25 and a fifty-two week high of $95.26. The firm has a market capitalization of $7.16 billion, a P/E ratio of 33.96, a PEG ratio of 0.40 and a beta of 1.09. The company's 50-day moving average is $85.76 and its 200 day moving average is $68.42. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05.

Avnet (NASDAQ:AVT - Get Free Report) last posted its earnings results on Wednesday, April 29th. The company reported $1.48 EPS for the quarter, topping the consensus estimate of $1.33 by $0.15. Avnet had a net margin of 0.86% and a return on equity of 7.07%. The firm had revenue of $7.12 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter last year, the firm earned $0.84 EPS. The company's quarterly revenue was up 34.0% compared to the same quarter last year. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Research analysts expect that Avnet, Inc. will post 5.12 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Wednesday, June 3rd. Avnet's payout ratio is presently 54.47%.

Avnet Profile

Avnet, Inc NASDAQ: AVT is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet's offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.

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