Pzena Investment Management LLC Sells 1,004,973 Shares of Avnet, Inc. (NASDAQ:AVT)

Pzena Investment Management LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT - Free Report) by 12.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,269,195 shares of the company's stock after selling 1,004,973 shares during the quarter. Avnet accounts for 1.3% of Pzena Investment Management LLC's holdings, making the stock its 28th biggest holding. Pzena Investment Management LLC owned 8.36% of Avnet worth $380,324,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Synergy Investment Management LLC acquired a new position in Avnet in the 4th quarter valued at $38,000. Principal Securities Inc. grew its holdings in shares of Avnet by 18.2% during 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 holdings in shares of 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 purchasing an additional 341 shares in the last quarter. KBC Group NV grew its holdings in shares of Avnet by 55.7% during the 4th quarter. KBC Group NV now owns 3,356 shares of the company's stock worth $176,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board acquired a new stake in shares of Avnet during the 3rd quarter worth $209,000. 95.78% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

Shares of AVT stock traded up $1.18 on Friday, hitting $47.79. 633,006 shares of the company's stock were exchanged, compared to its average volume of 629,214. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a 12 month low of $45.50 and a 12 month high of $59.24. The stock has a market cap of $4.13 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.09. The company has a 50 day moving average of $51.35 and a 200 day moving average of $52.91.

Remove Ads

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

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.33 per share. The ex-dividend date is Wednesday, March 5th. This represents a $1.32 annualized dividend and a dividend yield of 2.76%. Avnet's dividend payout ratio is currently 37.39%.

Analyst Ratings Changes

Several analysts have recently issued reports on AVT shares. Truist Financial reduced their target price on Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a report on Thursday, January 30th. Bank of America lowered Avnet from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $58.00 to $48.00 in a report 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.