Principal Financial Group Inc. Lowers Stake in Avnet, Inc. (NASDAQ:AVT)

Principal Financial Group Inc. trimmed its holdings in shares of Avnet, Inc. (NASDAQ:AVT - Free Report) by 2.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 199,330 shares of the company's stock after selling 4,974 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Avnet worth $10,429,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of AVT. Principal Securities Inc. lifted its holdings in shares of Avnet by 18.2% during the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company's stock valued at $72,000 after purchasing an additional 211 shares in the last quarter. Coldstream Capital Management Inc. boosted its position in Avnet by 5.1% during the third quarter. Coldstream Capital Management Inc. now owns 4,538 shares of the company's stock valued at $246,000 after purchasing an additional 222 shares during the last quarter. Highland Capital Management LLC grew its stake in shares of Avnet by 6.6% in the fourth quarter. Highland Capital Management LLC now owns 4,234 shares of the company's stock valued at $222,000 after buying an additional 261 shares in the last quarter. GAMMA Investing LLC increased its holdings in Avnet by 18.6% during the fourth quarter. GAMMA Investing LLC now owns 2,177 shares of the company's stock worth $114,000 after buying an additional 341 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in Avnet by 0.9% during the third quarter. State of Alaska Department of Revenue now owns 53,232 shares of the company's stock worth $2,890,000 after acquiring an additional 455 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

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Avnet Price Performance

NASDAQ AVT traded down $0.13 during trading on Tuesday, reaching $49.04. The company's stock had a trading volume of 427,454 shares, compared to its average volume of 615,916. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. Avnet, Inc. has a one year low of $45.50 and a one year high of $59.24. The stock has a market capitalization of $4.24 billion, a PE ratio of 13.90, a P/E/G ratio of 1.13 and a beta of 1.13. The firm has a fifty day moving average of $51.93 and a 200 day moving average of $53.19.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. Analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Wednesday, March 5th. Avnet's dividend payout ratio (DPR) is currently 37.39%.

Analysts Set New Price Targets

Several brokerages have issued reports on AVT. Bank of America cut shares of Avnet from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial lowered their target price on Avnet from $54.00 to $52.00 and set a "hold" rating for the company in a research report on Thursday, January 30th.

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.