Allianz Asset Management GmbH Increases Position in Avnet, Inc. (NASDAQ:AVT)

Allianz Asset Management GmbH grew its stake in Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 873,340 shares of the company's stock after acquiring an additional 19,331 shares during the quarter. Allianz Asset Management GmbH owned about 1.00% of Avnet worth $45,693,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in AVT. Capital Performance Advisors LLP purchased a new position in Avnet in the third quarter worth $51,000. Principal Securities Inc. boosted its position in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock worth $72,000 after purchasing an additional 211 shares in the last quarter. GAMMA Investing LLC grew its stake in Avnet by 18.6% during the 4th quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after buying an additional 341 shares during the last quarter. KBC Group NV increased its position in Avnet by 55.7% during the 4th quarter. KBC Group NV now owns 3,356 shares of the company's stock valued at $176,000 after buying an additional 1,200 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Avnet by 29.3% in the third quarter. Blue Trust Inc. now owns 3,874 shares of the company's stock valued at $199,000 after buying an additional 879 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Avnet Stock Performance

Shares of AVT stock traded up $0.29 during mid-day trading on Wednesday, reaching $51.61. The stock had a trading volume of 763,404 shares, compared to its average volume of 686,299. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53. Avnet, Inc. has a 1-year low of $45.45 and a 1-year high of $59.24. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 1.13 and a beta of 1.13. The business's fifty day moving average is $52.12 and its 200-day moving average is $53.28.

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Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.88 by ($0.01). Avnet had a return on equity of 7.49% and a net margin of 1.41%. On average, research analysts forecast that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Wednesday, March 5th will be given a $0.33 dividend. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a yield of 2.56%. Avnet's dividend payout ratio is presently 37.39%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on AVT shares. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $58.00 to $48.00 in a research note on Thursday, January 30th. Truist Financial cut their price target on shares of Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a research note on Thursday, January 30th.

Avnet 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.