Allianz Asset Management GmbH raised its stake in shares of Avnet, Inc. (NYSE:AVT) by 9.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 258,451 shares of the technology company’s stock after acquiring an additional 21,404 shares during the period. Allianz Asset Management GmbH owned approximately 0.22% of Avnet worth $10,240,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Pzena Investment Management LLC raised its stake in Avnet by 10.8% during the 4th quarter. Pzena Investment Management LLC now owns 9,031,623 shares of the technology company’s stock valued at $357,833,000 after acquiring an additional 877,612 shares during the last quarter. LSV Asset Management raised its stake in shares of Avnet by 5.0% during the 4th quarter. LSV Asset Management now owns 1,470,300 shares of the technology company’s stock worth $58,253,000 after buying an additional 69,700 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Avnet by 19.2% during the 3rd quarter. Prudential Financial Inc. now owns 1,377,344 shares of the technology company’s stock worth $54,130,000 after buying an additional 222,109 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of Avnet by 0.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,172,180 shares of the technology company’s stock worth $46,442,000 after buying an additional 4,045 shares in the last quarter. Finally, New York State Common Retirement Fund raised its stake in shares of Avnet by 1.4% during the 3rd quarter. New York State Common Retirement Fund now owns 831,670 shares of the technology company’s stock worth $32,685,000 after buying an additional 11,180 shares in the last quarter. 96.38% of the stock is owned by hedge funds and other institutional investors.
AVT has been the subject of a number of analyst reports. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 target price for the company in a research note on Friday, January 5th. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Pivotal Research initiated coverage on Avnet in a research note on Tuesday, February 13th. They set a “hold” rating and a $44.00 target price for the company. ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Zacks Investment Research downgraded Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, December 27th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Avnet presently has an average rating of “Hold” and a consensus target price of $40.13.
Avnet (NYSE:AVT) last released its quarterly earnings results on Thursday, January 25th. The technology company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. The business had revenue of $4.52 billion for the quarter, compared to analysts’ expectations of $4.46 billion. Avnet had a return on equity of 7.87% and a net margin of 2.51%. The company’s revenue was up 5.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 EPS. analysts expect that Avnet, Inc. will post 3.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 27th. Investors of record on Tuesday, March 13th will be issued a $0.19 dividend. The ex-dividend date is Monday, March 12th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from Avnet’s previous quarterly dividend of $0.18. Avnet’s dividend payout ratio is currently 31.17%.
In related news, insider Philip R. Gallagher sold 14,292 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $42.00, for a total value of $600,264.00. Following the sale, the insider now owns 22,178 shares in the company, valued at approximately $931,476. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Kevin V. Summers sold 1,511 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $40.67, for a total value of $61,452.37. Following the completion of the sale, the insider now owns 5,354 shares in the company, valued at approximately $217,747.18. The disclosure for this sale can be found here. Corporate insiders own 1.65% of the company’s stock.
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Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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