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

Avnet, Inc. (NASDAQ:AVT - Get Free Report) announced a quarterly dividend on Thursday, February 20th, Wall Street Journal reports. Investors of record on Wednesday, March 5th will be paid a dividend of 0.33 per share on Wednesday, March 19th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Wednesday, March 5th.

Avnet has increased its dividend payment by an average of 12.0% per year over the last three years and has increased its dividend every year for the last 12 years. Avnet has a dividend payout ratio of 23.6% meaning its dividend is sufficiently covered by earnings. Equities 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 $0.81 on Tuesday, reaching $51.32. 739,502 shares of the stock traded hands, compared to its average volume of 684,175. Avnet has a 12 month low of $45.45 and a 12 month high of $59.24. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 1.13 and a beta of 1.13. The firm's fifty day simple moving average is $52.12 and its 200 day simple moving average is $53.28. The company has a quick ratio of 1.15, a current ratio of 2.39 and a debt-to-equity ratio of 0.53.

Avnet (NASDAQ:AVT - Get Free Report) last announced its earnings results on Wednesday, January 29th. The company reported $0.87 EPS 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%. As a group, research analysts predict that Avnet will post 3.41 EPS for the current fiscal year.

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Analyst Ratings Changes

A number of research analysts recently commented on the stock. Bank of America downgraded shares of Avnet from a "neutral" rating to an "underperform" rating and lowered their price objective for the company from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial lowered their price target on shares of Avnet from $54.00 to $52.00 and set a "hold" rating on the stock in a report 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.