Avnet, Inc. (NYSE:AVT) announced a quarterly dividend on Tuesday, February 6th, RTT News reports. Investors of record on Tuesday, March 13th will be given a dividend of 0.19 per share by the technology company on Tuesday, March 27th. This represents a $0.76 dividend on an annualized basis and a yield of 1.88%. This is a boost from Avnet’s previous quarterly dividend of $0.18.
Avnet has decreased its dividend by an average of 4.5% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Avnet has a dividend payout ratio of 21.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Avnet to earn $3.99 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 18.0%.
Avnet (NYSE AVT) traded up $0.31 during mid-day trading on Tuesday, reaching $40.43. The company had a trading volume of 2,264,952 shares, compared to its average volume of 1,190,166. Avnet has a 12-month low of $35.67 and a 12-month high of $47.19. The firm has a market cap of $4,975.33, a PE ratio of 10.89, a price-to-earnings-growth ratio of 1.32 and a beta of 1.01. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.75 and a quick ratio of 1.56.
Several research firms have recently commented on AVT. Citigroup lifted their target price on Avnet from $31.00 to $34.00 and gave the company a “sell” rating in a research note on Friday, October 27th. Goldman Sachs Group raised Avnet from a “sell” rating to a “neutral” rating and set a $38.00 target price for the company in a research note on Friday, January 5th. Longbow Research raised Avnet from a “neutral” rating to a “buy” rating in a research note on Friday, January 19th. Cross Research raised Avnet from a “sell” rating to a “hold” rating in a research note on Friday, October 27th. Finally, ValuEngine raised Avnet from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $39.57.
In related news, CEO Amelio J. William purchased 3,000 shares of Avnet stock in a transaction dated Friday, December 8th. The shares were acquired at an average cost of $39.16 per share, for a total transaction of $117,480.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.65% of the stock is owned by company insiders.
Avnet announced that its board has approved a stock buyback plan on Friday, November 10th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
Avnet, Inc is a distributor of electronic components, enterprise computer, networking and storage products and software, and embedded subsystems. The Company operates through Electronics Marketing (EM) segment. The EM segment markets and sells semiconductors; interconnect, passive and electromechanical devices (IP&E), and embedded products to a customer base serving various end markets.
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