Principal Financial Group Inc. Increases Stake in Avnet Inc. (AVT)
Principal Financial Group Inc. raised its stake in Avnet Inc. (NYSE:AVT) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 947,092 shares of the company’s stock after buying an additional 72,188 shares during the period. Principal Financial Group Inc. owned 0.74% of Avnet worth $38,367,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Avnet during the fourth quarter valued at approximately $53,901,000. Emerald Acquisition Ltd. purchased a new position in shares of Avnet during the second quarter valued at approximately $29,150,000. Thompson Siegel & Walmsley LLC increased its position in shares of Avnet by 87.0% in the second quarter. Thompson Siegel & Walmsley LLC now owns 1,417,344 shares of the company’s stock valued at $57,417,000 after buying an additional 659,589 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Avnet by 112.3% in the second quarter. UBS Asset Management Americas Inc. now owns 833,522 shares of the company’s stock valued at $33,766,000 after buying an additional 440,847 shares during the last quarter. Finally, First Quadrant L P CA increased its position in shares of Avnet by 798.3% in the second quarter. First Quadrant L P CA now owns 448,056 shares of the company’s stock valued at $18,151,000 after buying an additional 398,177 shares during the last quarter. 94.69% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Avnet Inc. (NYSE:AVT) traded down 2.43% during mid-day trading on Tuesday, hitting $40.87. 856,397 shares of the stock were exchanged. The stock’s 50 day moving average is $41.07 and its 200 day moving average is $41.60. The firm has a market cap of $5.21 billion, a P/E ratio of 10.76 and a beta of 1.16. Avnet Inc. has a 12 month low of $37.10 and a 12 month high of $46.95.
Avnet (NYSE:AVT) last posted its earnings results on Wednesday, August 10th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by $0.02. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.21 billion. Avnet had a net margin of 1.93% and a return on equity of 11.99%. The firm’s revenue was down 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.16 earnings per share. Analysts expect that Avnet Inc. will post $4.20 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Investors of record on Wednesday, September 7th were issued a dividend of $0.17 per share. The ex-dividend date was Friday, September 2nd. This represents a $0.68 annualized dividend and a yield of 1.62%. Avnet’s payout ratio is presently 17.85%.
Several research analysts recently commented on the stock. Cross Research downgraded shares of Avnet from a “hold” rating to a “sell” rating in a research note on Tuesday. Citigroup Inc. lifted their target price on shares of Avnet from $31.00 to $37.00 and gave the stock a “sell” rating in a research note on Thursday, August 11th. Zacks Investment Research downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Stifel Nicolaus downgraded shares of Avnet from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Brean Capital reaffirmed a “hold” rating on shares of Avnet in a research note on Thursday, August 11th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $43.43.
Avnet, Inc distributes electronic components, enterprise computer and storage products, information technology solutions and services, and embedded subsystems. The Company operates in two segments: Electronics Marketing (EM) and Technology Solutions (TS). Both operating groups have operations in each of the three economic regions of the world: the Americas; Europe, the Middle East and Africa; and Asia/Pacific, consisting of Asia, Australia and New Zealand.
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