© Reuters. Pzena Investment Management increased stake in Avnet Inc
On the 31st of December, Pzena Investment Management bought 2.3 million Avnet Inc (NASDAQ:) shares for $79 million at an average price of $35.11 per share.
Shares of Avnet Inc are down -21.05% since the transaction.
Pzena Investment Management’s holding in Avnet Inc increased to about 13 million shares with the purchase.
Pzena Investment Management first bought Avnet Inc stock in the fourth quarter of 2008.
Pzena Investment Management also owns Flex Ltd (NASDAQ:), ScanSource , Inc. (NASDAQ:), Celestica, Inc. (NYSE:) and Arrow Electronics Inc (NYSE:).
Avnet Inc is its number one position by number of shares and market value among electronic equipment stocks.
Other investors who also added to their Avnet Inc shares include California State Teachers Retirement System, Hotchkis & Wiley Capital Management, and Royce & Associates.
Contrary to Pzena Investment Management, Citigroup (NYSE:), Diamond Hill Capital Management, and Fort Washington Investment Advisors reduced AVT shares.
Pzena Investment Management also reduced their share in Hooker Furniture Corporation (NASDAQ:) and JELD-WEN Holding, Inc. (NYSE:).
The total value of the shares sold is estimated at around $92 million.
Additionally, Pzena Investment Management increased their share in National Oilwell Varco Inc (NYSE:) and Motorcar Parts of America, Inc. (MPAA).
The total value of the shares bought is estimated at around $202 million.
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