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

Pzena Investment Management LLC lessened its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 12.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,269,195 shares of the company’s stock after selling 1,004,973 shares during the period. Avnet accounts for about 1.3% of Pzena Investment Management LLC’s portfolio, making the stock its 28th biggest position. Pzena Investment Management LLC owned about 8.36% of Avnet worth $380,324,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in AVT. Verdence Capital Advisors LLC increased its stake in shares of Avnet by 19.9% in the 3rd quarter. Verdence Capital Advisors LLC now owns 8,414 shares of the company’s stock valued at $457,000 after purchasing an additional 1,398 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in Avnet by 3.5% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 36,052 shares of the company’s stock worth $1,958,000 after buying an additional 1,210 shares during the period. Versor Investments LP acquired a new position in Avnet during the 3rd quarter worth about $358,000. Nations Financial Group Inc. IA ADV lifted its holdings in Avnet by 6.0% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 8,656 shares of the company’s stock worth $470,000 after buying an additional 487 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of Avnet in the 3rd quarter worth about $676,000. Institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of NASDAQ AVT opened at $49.59 on Tuesday. Avnet, Inc. has a twelve month low of $45.50 and a twelve month high of $59.24. The stock’s 50 day moving average price is $51.55 and its 200-day moving average price is $53.00. The company has a market capitalization of $4.29 billion, a PE ratio of 14.05, a PEG ratio of 1.13 and a beta of 1.09. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

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

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet’s payout ratio is currently 37.39%.

Analyst Upgrades and Downgrades

AVT has been the subject of several research analyst reports. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial decreased their price objective on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday, January 30th.

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.