Principal Financial Group Inc. Grows Stake in Avnet, Inc. $AVT

Principal Financial Group Inc. grew its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 4.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 182,707 shares of the company’s stock after purchasing an additional 7,776 shares during the quarter. Principal Financial Group Inc.’s holdings in Avnet were worth $11,258,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Summit Securities Group LLC purchased a new position in shares of Avnet in the fourth quarter valued at $28,000. BOKF NA grew its stake in Avnet by 1,116.7% in the third quarter. BOKF NA now owns 584 shares of the company’s stock worth $31,000 after purchasing an additional 536 shares in the last quarter. Allworth Financial LP grew its position in shares of Avnet by 199.1% in the 3rd quarter. Allworth Financial LP now owns 700 shares of the company’s stock worth $37,000 after acquiring an additional 466 shares in the last quarter. Hantz Financial Services Inc. raised its position in shares of Avnet by 62.0% during the 4th quarter. Hantz Financial Services Inc. now owns 852 shares of the company’s stock valued at $41,000 after acquiring an additional 326 shares in the last quarter. Finally, Clearstead Advisors LLC raised its position in shares of Avnet by 123.7% during the 4th quarter. Clearstead Advisors LLC now owns 1,385 shares of the company’s stock valued at $67,000 after acquiring an additional 766 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of NASDAQ AVT opened at $89.42 on Friday. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $95.26. The company has a debt-to-equity ratio of 0.50, a current ratio of 2.01 and a quick ratio of 1.05. The business’s fifty day moving average price is $87.31 and its two-hundred day moving average price is $72.65. The firm has a market capitalization of $7.33 billion, a PE ratio of 34.79, a P/E/G ratio of 0.28 and a beta of 1.09.

Avnet (NASDAQ:AVT) last posted its earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.15. The company had revenue of $7.12 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The firm’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period last year, the business posted $0.84 earnings per share. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. On average, research analysts expect that Avnet, Inc. will post 5.12 EPS for the current year.

Avnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Wednesday, June 3rd. Avnet’s payout ratio is presently 54.47%.

Analyst Ratings Changes

AVT has been the subject of a number of research reports. Bank of America raised shares of Avnet from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $66.00 to $96.00 in a report on Wednesday, May 13th. Truist Financial increased their target price on shares of Avnet to $95.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company raised their price target on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a research report on Monday, July 20th. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, July 13th. Finally, Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $89.50.

Insider Transactions at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the transaction, the chief executive officer owned 145,003 shares in the company, valued at approximately $12,023,648.76. This represents a 14.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.90% of the stock is owned by insiders.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.