Allianz Asset Management GmbH lessened its holdings in shares of Avnet, Inc. (NYSE:AVT) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,047 shares of the technology company’s stock after selling 1,696 shares during the period. Allianz Asset Management GmbH owned approximately 0.20% of Avnet worth $9,316,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Pzena Investment Management LLC lifted its stake in Avnet by 7.5% in the 3rd quarter. Pzena Investment Management LLC now owns 8,154,011 shares of the technology company’s stock valued at $320,453,000 after acquiring an additional 570,577 shares in the last quarter. Prudential PLC lifted its stake in Avnet by 33.2% in the 2nd quarter. Prudential PLC now owns 4,557,200 shares of the technology company’s stock valued at $177,184,000 after acquiring an additional 1,134,700 shares in the last quarter. FMR LLC lifted its stake in Avnet by 102.0% in the 2nd quarter. FMR LLC now owns 3,806,767 shares of the technology company’s stock valued at $148,007,000 after acquiring an additional 1,922,592 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in Avnet by 45.8% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 3,127,270 shares of the technology company’s stock valued at $121,589,000 after acquiring an additional 982,158 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Avnet by 160.0% in the 2nd quarter. Wells Fargo & Company MN now owns 2,216,205 shares of the technology company’s stock valued at $86,166,000 after acquiring an additional 1,363,770 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

AVT has been the topic of several research reports. TheStreet cut Avnet from a “b” rating to a “c” rating in a research note on Thursday, October 26th. Zacks Investment Research upgraded Avnet from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus boosted their target price on Avnet from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Thursday, October 26th. ValuEngine upgraded Avnet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 26th. Finally, BidaskClub upgraded Avnet from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $40.29.

In related news, CEO Amelio J. William purchased 3,000 shares of the stock in a transaction on Friday, December 8th. The shares were purchased at an average price of $39.16 per share, with a total value of $117,480.00. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by insiders.

Avnet, Inc. (NYSE:AVT) opened at $39.06 on Friday. The firm has a market capitalization of $4,723.41, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 1.28 and a beta of 1.09. Avnet, Inc. has a 1 year low of $35.67 and a 1 year high of $49.19. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.63 and a current ratio of 2.78.

Avnet (NYSE:AVT) last posted its quarterly earnings results on Thursday, October 26th. The technology company reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. The firm had revenue of $4.66 billion for the quarter, compared to analyst estimates of $4.34 billion. Avnet had a return on equity of 8.20% and a net margin of 2.86%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.91 EPS. sell-side analysts forecast that Avnet, Inc. will post 3.36 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 19th. Shareholders of record on Wednesday, December 6th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Tuesday, December 5th. Avnet’s dividend payout ratio (DPR) is 17.96%.

Avnet declared that its board has authorized a stock buyback program on Friday, November 10th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

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About Avnet

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.

Institutional Ownership by Quarter for Avnet (NYSE:AVT)

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