Principal Financial Group Inc. lowered its stake in shares of Avnet, Inc. (NASDAQ:AVT – Get Rating) by 8.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 358,916 shares of the company’s stock after selling 35,213 shares during the quarter. Principal Financial Group Inc. owned approximately 0.39% of Avnet worth $14,924,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVT. SummerHaven Investment Management LLC boosted its position in shares of Avnet by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 17,805 shares of the company’s stock worth $740,000 after buying an additional 255 shares in the last quarter. Ellevest Inc. boosted its position in shares of Avnet by 36.8% in the 4th quarter. Ellevest Inc. now owns 1,052 shares of the company’s stock worth $44,000 after buying an additional 283 shares in the last quarter. Synovus Financial Corp boosted its position in shares of Avnet by 3.2% in the 4th quarter. Synovus Financial Corp now owns 9,518 shares of the company’s stock worth $396,000 after buying an additional 292 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in Avnet by 22.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,685 shares of the company’s stock valued at $61,000 after purchasing an additional 309 shares during the last quarter. Finally, TCI Wealth Advisors Inc. raised its stake in Avnet by 29.2% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 1,397 shares of the company’s stock valued at $50,000 after purchasing an additional 316 shares during the last quarter. Institutional investors and hedge funds own 97.11% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research analysts recently weighed in on AVT shares. JPMorgan Chase & Co. boosted their target price on shares of Avnet from $45.00 to $47.00 and gave the company an “underweight” rating in a research note on Thursday, February 2nd. Citigroup boosted their target price on shares of Avnet from $45.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, February 2nd. StockNews.com started coverage on shares of Avnet in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Wells Fargo & Company boosted their target price on shares of Avnet from $35.00 to $38.00 and gave the company an “underweight” rating in a research note on Thursday, February 2nd. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, Avnet currently has a consensus rating of “Hold” and an average price target of $44.00.
Avnet Trading Up 0.4 %
Avnet (NASDAQ:AVT – Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.22. Avnet had a net margin of 3.27% and a return on equity of 17.71%. The company had revenue of $6.50 billion during the quarter, compared to the consensus estimate of $6.31 billion. During the same quarter in the prior year, the company posted $2.15 EPS. The company’s quarterly revenue was up .2% compared to the same quarter last year. As a group, equities analysts predict that Avnet, Inc. will post 7.63 earnings per share for the current year.
Insider Buying and Selling at Avnet
In other Avnet news, Director James A. Lawrence sold 72,851 shares of Avnet stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $41.69, for a total transaction of $3,037,158.19. Following the transaction, the director now directly owns 15,100 shares of the company’s stock, valued at $629,519. The sale was disclosed in a filing with the SEC, which is available at this link. In other Avnet news, Director James A. Lawrence sold 72,851 shares of Avnet stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $41.69, for a total transaction of $3,037,158.19. Following the transaction, the director now directly owns 15,100 shares of the company’s stock, valued at $629,519. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Philip R. Gallagher sold 32,740 shares of Avnet stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $41.35, for a total transaction of $1,353,799.00. Following the transaction, the chief executive officer now directly owns 176,334 shares in the company, valued at $7,291,410.90. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.
About Avnet
Avnet, Inc engages in the distribution and sale of electronic components. It operates through the Electronic Components and Farnell segments. The Electronic Components segment markets and sells semiconductors, interconnect, passive and electromechanical devices, and integrated components. The Farnell segment is involved in the distribution of electronic components and related products to the electronic system design community utilizing multi-channel sales and marketing resources.
Featured Articles
- Get a free copy of the StockNews.com research report on Avnet (AVT)
- Airline ETFs: What They Are and How to Invest
- Williams-Sonoma Is The Retail Value Play, Here’s Why
- Ladder Corporation: Climbing Higher And Paying 9% Yield
- Microbot Medical spikes 150% on its Endovascular Surgical Robot
- PetMed Express: Charts Say This Could Be The Bottom
Want to see what other hedge funds are holding AVT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Avnet, Inc. (NASDAQ:AVT – Get Rating).
Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.
