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

Principal Financial Group Inc. decreased its position in shares of Avnet, Inc. (NASDAQ:AVT) by 32.1% in the third quarter, HoldingsChannel reports. The firm owned 204,304 shares of the company’s stock after selling 96,622 shares during the quarter. Principal Financial Group Inc.’s holdings in Avnet were worth $11,096,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Fifth Third Bancorp grew its position in shares of Avnet by 35.2% during the second quarter. Fifth Third Bancorp now owns 822 shares of the company’s stock valued at $42,000 after purchasing an additional 214 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Avnet by 4.2% during the second quarter. Hsbc Holdings PLC now owns 5,448 shares of the company’s stock valued at $280,000 after purchasing an additional 219 shares in the last quarter. Verdence Capital Advisors LLC grew its position in shares of Avnet by 3.3% during the second quarter. Verdence Capital Advisors LLC now owns 7,016 shares of the company’s stock valued at $361,000 after purchasing an additional 223 shares in the last quarter. US Bancorp DE grew its position in Avnet by 1.9% in the first quarter. US Bancorp DE now owns 13,124 shares of the company’s stock worth $651,000 after acquiring an additional 243 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC grew its position in Avnet by 4.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 6,548 shares of the company’s stock worth $325,000 after acquiring an additional 276 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Trading Up 0.1 %

AVT opened at $53.07 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 firm has a market cap of $4.61 billion, a P/E ratio of 13.89, a P/E/G ratio of 0.99 and a beta of 1.16. Avnet, Inc. has a 12 month low of $43.62 and a 12 month high of $59.24. The stock has a 50-day moving average of $53.73 and a 200 day moving average of $53.19.

Avnet (NASDAQ:AVT) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06. The business had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $5.43 billion. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm’s quarterly revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.61 earnings per share. As a group, research analysts forecast that Avnet, Inc. will post 4.09 EPS for the current year.

Analyst Upgrades and Downgrades

AVT has been the subject of several recent research reports. Stifel Nicolaus lifted their price target on Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Truist Financial lifted their price target on Avnet from $48.00 to $52.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company lifted their price target on Avnet from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th.

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.