Pzena Investment Management LLC Lowers Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Pzena Investment Management LLC reduced its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,132,296 shares of the company's stock after selling 136,899 shares during the period. Avnet makes up about 1.2% of Pzena Investment Management LLC's investment portfolio, making the stock its 27th biggest holding. Pzena Investment Management LLC owned approximately 8.24% of Avnet worth $342,992,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in shares of Avnet during the fourth quarter valued at about $2,406,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Avnet by 2.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,011 shares of the company's stock worth $995,000 after purchasing an additional 419 shares in the last quarter. HighTower Advisors LLC grew its stake in Avnet by 14.4% in the fourth quarter. HighTower Advisors LLC now owns 10,085 shares of the company's stock worth $528,000 after purchasing an additional 1,269 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in Avnet in the fourth quarter worth about $300,000. Finally, Commonwealth Equity Services LLC acquired a new position in Avnet in the fourth quarter worth about $311,000. 95.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Truist Financial cut their target price on shares of Avnet from $52.00 to $50.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company lowered their price objective on shares of Avnet from $45.00 to $43.00 and set an "underweight" rating on the stock in a research note on Thursday, May 1st.

Avnet Stock Performance

Avnet stock traded down $0.19 on Friday, reaching $55.00. 469,653 shares of the stock were exchanged, compared to its average volume of 747,961. The stock has a market cap of $4.61 billion, a PE ratio of 15.41, a PEG ratio of 1.20 and a beta of 1.03. The company has a current ratio of 2.44, a quick ratio of 1.13 and a debt-to-equity ratio of 0.51. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The firm has a fifty day moving average price of $52.45 and a two-hundred day moving average price of $50.61.

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

Avnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 2.40%. The ex-dividend date was Wednesday, June 4th. Avnet's dividend payout ratio is 36.97%.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were 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 owned 14,626 shares of the company's stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

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.