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

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

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVT. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Avnet by 10.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,592 shares of the company’s stock valued at $957,000 after purchasing an additional 1,752 shares in the last quarter. Signaturefd LLC boosted its position in Avnet by 31.0% in the 2nd quarter. Signaturefd LLC now owns 3,242 shares of the company’s stock valued at $167,000 after buying an additional 768 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Avnet during the second quarter worth about $77,000. Natixis Advisors LLC lifted its stake in shares of Avnet by 8.5% in the second quarter. Natixis Advisors LLC now owns 12,941 shares of the company’s stock worth $666,000 after acquiring an additional 1,014 shares in the last quarter. Finally, Privium Fund Management UK Ltd acquired a new stake in Avnet during the 2nd quarter valued at approximately $632,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Avnet Stock Performance

Avnet stock opened at $52.92 on Monday. The company has a current ratio of 2.25, a quick ratio of 1.07 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $54.25 and a 200-day moving average of $53.35. The stock has a market cap of $4.60 billion, a P/E ratio of 13.85, a price-to-earnings-growth ratio of 1.01 and a beta of 1.14. Avnet, Inc. has a 52 week low of $43.62 and a 52 week high of $59.24.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, October 30th. The company reported $0.92 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 company had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter last year, the business posted $1.61 EPS. Avnet’s quarterly revenue was down 11.5% compared to the same quarter last year. On average, analysts expect that Avnet, Inc. will post 4.09 EPS for the current fiscal year.

Avnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 18th. Shareholders of record on Wednesday, December 4th were issued a $0.33 dividend. The ex-dividend date was Wednesday, December 4th. This represents a $1.32 dividend on an annualized basis and a yield of 2.49%. Avnet’s dividend payout ratio is currently 34.55%.

About Avnet

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.