Principal Financial Group Inc. Sells 96,622 Shares of Avnet, Inc. (NASDAQ:AVT)

Principal Financial Group Inc. trimmed its position in shares of Avnet, Inc. (NASDAQ:AVT) by 32.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 204,304 shares of the company’s stock after selling 96,622 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Avnet worth $11,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fifth Third Bancorp lifted its holdings in shares of Avnet by 35.2% during the 2nd quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after buying an additional 214 shares during the period. nVerses Capital LLC bought a new position in shares of Avnet during the 2nd quarter valued at $77,000. GAMMA Investing LLC raised its holdings in Avnet by 68.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the company’s stock worth $79,000 after purchasing an additional 620 shares during the period. Versant Capital Management Inc raised its holdings in Avnet by 729.7% in the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $79,000 after purchasing an additional 1,350 shares during the period. Finally, Hexagon Capital Partners LLC raised its holdings in Avnet by 90.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 1,712 shares of the company’s stock worth $88,000 after purchasing an additional 814 shares during the period. 95.78% of the stock is owned by institutional investors.

Avnet Trading Up 0.1 %

Shares of AVT stock opened at $53.07 on Monday. Avnet, Inc. has a 52-week low of $43.62 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. The firm has a market capitalization of $4.61 billion, a PE ratio of 13.89, a PEG ratio of 0.99 and a beta of 1.16. The stock has a fifty day simple moving average of $53.73 and a two-hundred day simple moving average of $53.19.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The business had revenue of $5.60 billion during the quarter, compared to analyst estimates of $5.43 billion. During the same quarter in the prior year, the business posted $1.61 EPS. Avnet’s revenue for the quarter was down 11.5% compared to the same quarter last year. On average, analysts predict that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AVT shares. Stifel Nicolaus raised their target price on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Truist Financial raised their target price on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Wells Fargo & Company raised their target price on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a report on Friday, August 9th.

Avnet 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.