3,120,395 Shares in Avnet, Inc. $AVT Acquired by Pzena Investment Management LLC

Pzena Investment Management LLC acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 3,120,395 shares of the company’s stock, valued at approximately $277,153,000. Pzena Investment Management LLC owned 3.80% of Avnet as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada grew its position in shares of Avnet by 3.0% during the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock worth $3,447,000 after buying an additional 2,101 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Avnet by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock valued at $11,148,000 after acquiring an additional 31,919 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Avnet in the first quarter valued at about $267,000. Empowered Funds LLC lifted its stake in Avnet by 9.3% in the first quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock worth $392,000 after acquiring an additional 696 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Avnet by 4.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after acquiring an additional 16,443 shares during the period. 95.78% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the transaction, the chief executive officer directly owned 168,923 shares of the company’s stock, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on AVT shares. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and raised their target price for the company from $66.00 to $96.00 in a research report on Wednesday, May 13th. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday. Truist Financial increased their price objective on shares of Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Zacks Research raised shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company upped their target price on Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Avnet presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Avnet Stock Performance

Shares of Avnet stock opened at $98.63 on Tuesday. The company has a market capitalization of $8.09 billion, a PE ratio of 24.72, a P/E/G ratio of 0.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. The company has a 50-day simple moving average of $89.24 and a two-hundred day simple moving average of $77.60. Avnet, Inc. has a one year low of $44.25 and a one year high of $100.00.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $1.80 by $0.48. Avnet had a net margin of 1.21% and a return on equity of 9.57%. The business had revenue of $8.30 billion during the quarter, compared to analyst estimates of $7.56 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 47.7% on a year-over-year basis. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. Research analysts expect that Avnet, Inc. will post 9.66 EPS for the current fiscal year.

Avnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.4%. The ex-dividend date was Wednesday, June 3rd. Avnet’s dividend payout ratio (DPR) is 35.09%.

Avnet Company Profile

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.