Avnet, Inc. (NASDAQ:AVT) to Issue Quarterly Dividend of $0.33

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Investors of record on Wednesday, March 5th will be given a dividend of 0.33 per share on Wednesday, March 19th. This represents a $1.32 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Wednesday, March 5th.

Avnet has raised its dividend payment by an average of 12.0% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. Avnet has a payout ratio of 24.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $5.67 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 23.3%.

Avnet Price Performance

NASDAQ AVT traded down $0.64 on Friday, reaching $51.87. 335,930 shares of the company’s stock traded hands, compared to its average volume of 670,633. Avnet has a 12 month low of $45.45 and a 12 month high of $59.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15. The stock has a 50-day simple moving average of $52.24 and a 200 day simple moving average of $53.24. The stock has a market cap of $4.49 billion, a PE ratio of 14.69, a P/E/G ratio of 1.15 and a beta of 1.13.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.87 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, research analysts predict that Avnet will post 3.41 earnings per share for the current year.

Analyst Upgrades and Downgrades

AVT has been the topic of a number of recent research reports. Truist Financial reduced their price target on shares of Avnet from $54.00 to $52.00 and set a “hold” rating on the stock in a research report on Thursday, January 30th. Bank of America lowered Avnet from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $58.00 to $48.00 in a research note on Thursday, January 30th.

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.