Pzena Investment Management LLC Trims Stock Holdings in Avnet, Inc. $AVT

Pzena Investment Management LLC reduced its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 19.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 5,692,230 shares of the company’s stock after selling 1,345,568 shares during the quarter. Avnet accounts for about 1.2% of Pzena Investment Management LLC’s investment portfolio, making the stock its 26th largest holding. Pzena Investment Management LLC owned about 0.07% of Avnet worth $350,755,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Janney Montgomery Scott LLC raised its holdings in Avnet by 49.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,919 shares of the company’s stock valued at $426,000 after acquiring an additional 2,286 shares during the period. Venturi Wealth Management LLC bought a new position in shares of Avnet in the first quarter worth $202,000. Louisiana State Employees Retirement System bought a new position in shares of Avnet in the first quarter worth $1,460,000. Ritholtz Wealth Management grew its position in shares of Avnet by 13.8% in the first quarter. Ritholtz Wealth Management now owns 26,486 shares of the company’s stock valued at $1,632,000 after purchasing an additional 3,214 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Avnet by 126.3% in the first quarter. Assenagon Asset Management S.A. now owns 146,267 shares of the company’s stock valued at $9,013,000 after purchasing an additional 81,644 shares in the last quarter. 95.78% of the stock is owned by institutional investors.

Insider Activity at Avnet

In related news, CEO Philip R. Gallagher sold 23,920 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total transaction of $1,983,446.40. Following the transaction, the chief executive officer owned 145,003 shares of the company’s stock, valued at approximately $12,023,648.76. This trade represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AVT. Weiss Ratings reissued a “hold (c+)” rating on shares of Avnet in a report on Tuesday, June 16th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 target price on shares of Avnet in a report on Thursday, April 30th. Wells Fargo & Company upped their price target on Avnet from $60.00 to $70.00 and gave the company an “underweight” rating in a research report on Thursday, April 30th. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Finally, Zacks Research cut shares of Avnet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $89.00.

Avnet Price Performance

AVT stock opened at $87.28 on Thursday. The firm has a 50 day simple moving average of $85.76 and a two-hundred day simple moving average of $68.42. The stock has a market cap of $7.16 billion, a PE ratio of 33.96, a P/E/G ratio of 0.40 and a beta of 1.09. Avnet, Inc. has a one year low of $44.25 and a one year high of $95.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.15. The company had revenue of $7.12 billion during the quarter, compared to the consensus estimate of $6.45 billion. Avnet had a return on equity of 7.07% and a net margin of 0.86%.Avnet’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 EPS. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, analysts predict that Avnet, Inc. will post 5.12 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, June 3rd were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. Avnet’s dividend payout ratio is 54.47%.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.