Avnet, Inc. $AVT Shares Acquired by Pzena Investment Management LLC

Pzena Investment Management LLC grew its stake in Avnet, Inc. (NASDAQ:AVT) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,341,299 shares of the company’s stock after buying an additional 209,003 shares during the period. Avnet accounts for 1.3% of Pzena Investment Management LLC’s investment portfolio, making the stock its 27th largest holding. Pzena Investment Management LLC owned about 8.75% of Avnet worth $389,676,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of AVT. Hexagon Capital Partners LLC raised its position in Avnet by 12.9% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,822 shares of the company’s stock worth $88,000 after buying an additional 208 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in Avnet by 0.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 26,674 shares of the company’s stock worth $1,416,000 after buying an additional 211 shares during the last quarter. TD Private Client Wealth LLC raised its position in Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after buying an additional 246 shares during the last quarter. DekaBank Deutsche Girozentrale raised its position in Avnet by 7.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 3,972 shares of the company’s stock worth $185,000 after buying an additional 275 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in Avnet by 109.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after buying an additional 276 shares during the last quarter. Institutional investors and hedge funds own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial upped their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a research report on Wednesday, October 8th. Finally, Bank of America upped their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Two equities research analysts have rated the stock with a Hold rating and two have assigned 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.

Avnet Stock Performance

Shares of AVT opened at $49.52 on Monday. The company has a 50-day simple moving average of $52.93 and a 200-day simple moving average of $51.58. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $4.12 billion, a PE ratio of 18.14, a P/E/G ratio of 0.37 and a beta of 1.06. Avnet, Inc. has a 52-week low of $39.22 and a 52-week high of $59.24.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. The business had revenue of $5.62 billion during the quarter, compared to the consensus estimate of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.22 EPS. Equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share 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 paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Wednesday, September 17th. This is a positive change from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio is currently 51.28%.

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.