Principal Financial Group Inc. Decreases Holdings in Avnet, Inc. (NASDAQ:AVT)

Principal Financial Group Inc. lowered its position in Avnet, Inc. (NASDAQ:AVT) by 0.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 199,024 shares of the company’s stock after selling 306 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Avnet worth $9,571,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter valued at about $26,000. GeoWealth Management LLC acquired a new position in shares of Avnet during the 4th quarter worth approximately $31,000. Natixis lifted its stake in Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock valued at $38,000 after buying an additional 688 shares in the last quarter. Curat Global LLC acquired a new stake in Avnet during the 1st quarter valued at $42,000. Finally, Global X Japan Co. Ltd. acquired a new stake in Avnet during the 1st quarter valued at $46,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AVT shares. Wells Fargo & Company decreased their target price on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st. Truist Financial reduced their price target on Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st.

Avnet Stock Down 0.3%

Shares of NASDAQ AVT opened at $55.83 on Tuesday. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 1.22 and a beta of 1.03. Avnet, Inc. has a 1 year low of $39.22 and a 1 year high of $59.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.13 and a current ratio of 2.44. The stock’s 50-day simple moving average is $51.92 and its 200-day simple moving average is $50.49.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a net margin of 1.43% and a return on equity of 6.96%. The firm’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period last year, the business earned $1.10 EPS. As a group, equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Wednesday, June 4th. Avnet’s dividend payout ratio (DPR) is presently 36.97%.

Insider Buying and Selling at Avnet

In related news, VP Elizabeth Mcmullen sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the sale, the vice president owned 14,626 shares of the company’s stock, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Avnet Company 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.