Principal Financial Group Inc. Sells 35,213 Shares of Avnet, Inc. (NASDAQ:AVT)

Principal Financial Group Inc. reduced its holdings in Avnet, Inc. (NASDAQ:AVT – Get Rating) by 8.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 358,916 shares of the company’s stock after selling 35,213 shares during the period. Principal Financial Group Inc.’s holdings in Avnet were worth $14,924,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in AVT. Belpointe Asset Management LLC bought a new position in Avnet in the 4th quarter worth approximately $26,000. Quantbot Technologies LP bought a new position in Avnet in the 1st quarter worth approximately $38,000. Ellevest Inc. increased its position in Avnet by 36.8% in the 4th quarter. Ellevest Inc. now owns 1,052 shares of the company’s stock worth $44,000 after buying an additional 283 shares during the period. TCI Wealth Advisors Inc. increased its position in Avnet by 29.2% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 1,397 shares of the company’s stock worth $50,000 after buying an additional 316 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Avnet by 22.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock worth $61,000 after buying an additional 309 shares during the period. 97.11% of the stock is owned by institutional investors.

Avnet Stock Performance

AVT opened at $42.71 on Wednesday. The stock has a market cap of $3.90 billion, a PE ratio of 4.69 and a beta of 1.35. The company has a current ratio of 2.63, a quick ratio of 1.28 and a debt-to-equity ratio of 0.65. Avnet, Inc. has a 1 year low of $35.45 and a 1 year high of $50.19. The stock’s 50 day simple moving average is $42.61 and its 200-day simple moving average is $44.24.

Avnet (NASDAQ:AVT – Get Rating) last announced its quarterly earnings results on Wednesday, May 3rd. The company reported $2.00 EPS for the quarter, beating the consensus estimate of $1.78 by $0.22. The business had revenue of $6.50 billion for the quarter, compared to analyst estimates of $6.31 billion. Avnet had a return on equity of 17.71% and a net margin of 3.27%. Avnet’s quarterly revenue was up .2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.15 EPS. Sell-side analysts forecast that Avnet, Inc. will post 7.63 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on the company. Citigroup lifted their price target on Avnet from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, February 2nd. JPMorgan Chase & Co. lifted their price target on Avnet from $45.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday, February 2nd. Wells Fargo & Company boosted their price objective on Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a research report on Thursday, February 2nd. Finally, StockNews.com began coverage on Avnet in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $44.00.

Insider Activity at Avnet

In related news, Director James A. Lawrence sold 72,851 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $41.69, for a total value of $3,037,158.19. Following the sale, the director now owns 15,100 shares of the company’s stock, valued at approximately $629,519. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director James A. Lawrence sold 72,851 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $41.69, for a total value of $3,037,158.19. Following the sale, the director now owns 15,100 shares of the company’s stock, valued at approximately $629,519. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Philip R. Gallagher sold 32,740 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $41.35, for a total value of $1,353,799.00. Following the completion of the sale, the chief executive officer now directly owns 176,334 shares in the company, valued at approximately $7,291,410.90. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.

About Avnet

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Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.