Avnet, Inc. (NASDAQ:AVT) Declares $0.33 Quarterly Dividend

Avnet, Inc. (NASDAQ:AVT) announced a quarterly dividend on Friday, February 21st, Wall Street Journal reports. Stockholders 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 2.55%. The ex-dividend date is Wednesday, March 5th.

Avnet has increased its dividend payment by an average of 12.0% annually 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% indicating that its dividend is sufficiently covered by earnings. 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 Trading Down 1.3 %

NASDAQ AVT opened at $51.85 on Friday. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 14.69, a P/E/G ratio of 1.15 and a beta of 1.13. Avnet has a 52 week low of $45.45 and a 52 week high of $59.24. The business has a 50 day moving average price of $52.20 and a 200-day moving average price of $53.27. 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) last released its quarterly earnings data 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, equities analysts expect that Avnet will post 3.41 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AVT shares. Bank of America downgraded Avnet from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $58.00 to $48.00 in a report on Thursday, January 30th. Truist Financial decreased their price target on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a report on Thursday, January 30th.

About Avnet

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.