Pzena Investment Management LLC Sells 302,653 Shares of Avnet, Inc. (NASDAQ:AVT)

Pzena Investment Management LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,274,168 shares of the company’s stock after selling 302,653 shares during the period. Avnet makes up approximately 1.5% of Pzena Investment Management LLC’s investment portfolio, making the stock its 26th largest holding. Pzena Investment Management LLC owned 0.10% of Avnet worth $449,370,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Ontario Teachers Pension Plan Board bought a new stake in Avnet in the third quarter valued at approximately $209,000. Pathstone Holdings LLC increased its stake in shares of Avnet by 1.5% during the third quarter. Pathstone Holdings LLC now owns 51,247 shares of the company’s stock worth $2,783,000 after purchasing an additional 769 shares during the period. Natixis Advisors LLC increased its stake in shares of Avnet by 10.1% during the third quarter. Natixis Advisors LLC now owns 14,243 shares of the company’s stock worth $774,000 after purchasing an additional 1,302 shares during the period. MQS Management LLC bought a new position in shares of Avnet during the third quarter worth approximately $477,000. Finally, GSA Capital Partners LLP bought a new position in shares of Avnet during the third quarter worth approximately $676,000. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on AVT shares. Stifel Nicolaus increased their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Truist Financial raised their price objective on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company raised their price objective on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research note on Friday, August 9th.

Avnet Trading Up 0.3 %

Shares of AVT stock traded up $0.17 during mid-day trading on Wednesday, hitting $52.43. The company’s stock had a trading volume of 98,613 shares, compared to its average volume of 599,207. The company’s fifty day simple moving average is $53.85 and its 200-day simple moving average is $53.24. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The company has a market cap of $4.56 billion, a PE ratio of 13.68, a P/E/G ratio of 0.99 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the business earned $1.61 EPS. The company’s quarterly revenue was down 11.5% on a year-over-year basis. As a group, equities research analysts expect that Avnet, Inc. will post 4.09 earnings per share for the current fiscal year.

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.