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

Principal Financial Group Inc. decreased its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 32.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 204,304 shares of the company's stock after selling 96,622 shares during the quarter. Principal Financial Group Inc. owned 0.23% of Avnet 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 AVT. Vanguard Group Inc. increased its holdings in Avnet by 5.0% during the 1st quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company's stock worth $542,918,000 after purchasing an additional 519,478 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Avnet by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,385,547 shares of the company's stock worth $328,790,000 after buying an additional 39,558 shares in the last quarter. Greenhaven Associates Inc. increased its stake in shares of Avnet by 1.7% during the second quarter. Greenhaven Associates Inc. now owns 3,922,338 shares of the company's stock worth $201,961,000 after buying an additional 63,801 shares during the period. American Century Companies Inc. increased its stake in shares of Avnet by 1.6% during the second quarter. American Century Companies Inc. now owns 2,690,326 shares of the company's stock worth $138,525,000 after buying an additional 42,249 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Avnet by 34.7% in the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company's stock valued at $94,713,000 after acquiring an additional 475,165 shares in the last quarter. Institutional investors and hedge funds own 95.78% of the company's stock.

Wall Street Analyst Weigh In

AVT has been the topic of a number of recent analyst reports. Stifel Nicolaus increased their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their target price on shares of Avnet from $40.00 to $45.00 and gave the stock an "underweight" rating in a research note on Friday, August 9th. Finally, Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, August 9th.

Avnet Stock Down 0.4 %

AVT stock traded down $0.20 during midday trading on Monday, reaching $52.87. 590,796 shares of the company were exchanged, compared to its average volume of 601,767. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 0.99 and a beta of 1.16. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.07 and a current ratio of 2.25. Avnet, Inc. has a 1-year low of $43.62 and a 1-year high of $59.24. The stock's 50-day simple moving average is $53.73 and its 200 day simple moving average is $53.19.

Avnet (NASDAQ:AVT - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm had revenue of $5.60 billion for the quarter, compared to analyst estimates of $5.43 billion. During the same period last year, the business earned $1.61 EPS. Avnet's revenue for the quarter was down 11.5% compared to the same quarter last year. On average, equities analysts forecast that Avnet, Inc. will post 4.09 earnings per share for the current year.

Avnet Profile

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.