Principal Financial Group Inc. Has $10.43 Million Stock Holdings in Avnet, Inc. (NASDAQ:AVT)

Principal Financial Group Inc. lessened its holdings in shares of Avnet, Inc. (NASDAQ:AVT) by 2.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 199,330 shares of the company’s stock after selling 4,974 shares during the quarter. Principal Financial Group Inc.’s holdings in Avnet were worth $10,429,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in AVT. State of New Jersey Common Pension Fund D increased its stake in Avnet by 11.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 40,168 shares of the company’s stock valued at $2,102,000 after acquiring an additional 4,116 shares during the period. Principal Securities Inc. increased its stake in Avnet by 18.2% during the fourth quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock valued at $72,000 after acquiring an additional 211 shares during the period. Empowered Funds LLC bought a new position in Avnet during the fourth quarter valued at about $390,000. Longboard Asset Management LP bought a new position in Avnet during the fourth quarter valued at about $207,000. Finally, EMC Capital Management increased its stake in Avnet by 62.7% during the fourth quarter. EMC Capital Management now owns 9,149 shares of the company’s stock valued at $479,000 after acquiring an additional 3,526 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Truist Financial lowered their price target on Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research note on Thursday, January 30th. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

Avnet Trading Up 0.0 %

AVT stock opened at $50.54 on Friday. Avnet, Inc. has a 1-year low of $45.50 and a 1-year high of $59.24. The firm has a market cap of $4.37 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.13 and a beta of 1.13. The business’s 50 day moving average is $52.00 and its 200-day moving average is $53.23. The company has a current ratio of 2.39, a quick ratio of 1.15 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share 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%. Equities analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 5th. This represents a $1.32 dividend on an annualized basis and a yield of 2.61%. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Avnet Company 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.