Avnet, Inc. (NASDAQ:AVT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Avnet, Inc. (NASDAQ:AVTGet Rating) by 0.5% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 452,704 shares of the company’s stock after selling 2,457 shares during the period. Principal Financial Group Inc.’s holdings in Avnet were worth $19,412,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mercer Global Advisors Inc. ADV acquired a new position in shares of Avnet during the first quarter worth about $214,000. Morningstar Investment Services LLC grew its position in shares of Avnet by 19.3% during the first quarter. Morningstar Investment Services LLC now owns 14,304 shares of the company’s stock worth $600,000 after buying an additional 2,316 shares in the last quarter. M&T Bank Corp grew its position in shares of Avnet by 11.9% during the second quarter. M&T Bank Corp now owns 8,659 shares of the company’s stock worth $259,000 after buying an additional 919 shares in the last quarter. Camarda Financial Advisors LLC acquired a new position in shares of Avnet during the first quarter worth about $535,000. Finally, National Bank of Canada FI grew its position in shares of Avnet by 15.3% during the first quarter. National Bank of Canada FI now owns 108,000 shares of the company’s stock worth $4,384,000 after buying an additional 14,300 shares in the last quarter. 98.89% of the stock is owned by institutional investors and hedge funds.

Avnet Price Performance

AVT stock opened at $44.37 on Tuesday. The company has a market capitalization of $4.06 billion, a P/E ratio of 5.70, a PEG ratio of 0.26 and a beta of 1.32. Avnet, Inc. has a twelve month low of $35.45 and a twelve month high of $50.19. The business has a 50 day simple moving average of $40.00 and a 200-day simple moving average of $42.40. The company has a current ratio of 2.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.45.

Avnet (NASDAQ:AVTGet Rating) last posted its quarterly earnings data on Wednesday, October 26th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.91 by $0.09. The business had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.36 billion. Avnet had a return on equity of 18.23% and a net margin of 3.00%. The company’s revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.22 earnings per share. As a group, equities analysts anticipate that Avnet, Inc. will post 6.97 EPS for the current year.

Avnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, December 7th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Tuesday, December 6th. Avnet’s dividend payout ratio (DPR) is presently 14.91%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on AVT shares. StockNews.com downgraded Avnet from a “buy” rating to a “hold” rating in a report on Friday, October 28th. Wells Fargo & Company downgraded Avnet from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $45.00 to $35.00 in a report on Friday, September 16th. Finally, Stifel Nicolaus lowered their price target on Avnet from $48.00 to $42.00 and set a “hold” rating for the company in a report on Monday, October 10th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Avnet has a consensus rating of “Hold” and an average target price of $44.86.

Avnet Profile

(Get Rating)

Avnet, Inc, a technology solutions company, markets, sells, and distributes electronic components. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical devices; and other integrated components from electronic component manufacturers.

See Also

Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NASDAQ:AVTGet Rating).

Institutional Ownership by Quarter for Avnet (NASDAQ:AVT)

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