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

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Investors of record on Wednesday, December 4th will be given a dividend of 0.33 per share on Wednesday, December 18th. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, December 4th.

Avnet has increased its dividend payment by an average of 12.6% per year over the last three years and has raised its dividend every year for the last 12 years. Avnet has a dividend payout ratio of 33.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $5.73 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 23.0%.

Avnet Price Performance

Avnet stock traded up $0.72 during mid-day trading on Friday, hitting $54.45. 570,679 shares of the company were exchanged, compared to its average volume of 600,959. Avnet has a 1-year low of $43.62 and a 1-year high of $59.24. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The business has a fifty day moving average of $53.98 and a 200 day moving average of $53.24. The company has a market capitalization of $4.73 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.16.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06. Avnet had a return on equity of 8.46% and a net margin of 1.51%. The firm had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $5.43 billion. During the same period last year, the firm posted $1.61 EPS. The business’s revenue was down 11.5% on a year-over-year basis. As a group, sell-side analysts expect that Avnet will post 4.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Avnet from $48.00 to $52.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus lifted their price target on shares of Avnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company increased their price objective on shares of Avnet from $40.00 to $45.00 and gave the company an “underweight” rating in a report on Friday, August 9th.

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.