Avnet, Inc. (NYSE:AVT) to Issue $0.18 Quarterly Dividend
Avnet, Inc. (NYSE:AVT) declared a quarterly dividend on Friday, August 11th, RTT News reports. Investors of record on Wednesday, September 6th will be given a dividend of 0.18 per share by the technology company on Friday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.96%.
Avnet has raised its dividend payment by an average of 31.4% annually over the last three years and has raised its dividend annually for the last 3 consecutive years.
Shares of Avnet (AVT) traded up 0.43% during mid-day trading on Friday, reaching $36.96. The company had a trading volume of 61,973 shares. Avnet has a 1-year low of $35.96 and a 1-year high of $51.50. The company has a market capitalization of $4.59 billion, a PE ratio of 9.05 and a beta of 1.04. The stock’s 50-day moving average price is $38.84 and its 200 day moving average price is $41.71.
Avnet (NYSE:AVT) last posted its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.07. Avnet had a return on equity of 8.87% and a net margin of 3.00%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.48 billion. During the same period in the prior year, the company earned $0.86 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. Equities analysts expect that Avnet will post $3.24 EPS for the current year.
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Several analysts have issued reports on the company. Zacks Investment Research cut Avnet from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 2nd. BidaskClub upgraded Avnet from a “hold” rating to a “buy” rating in a report on Monday, July 3rd. Deutsche Bank AG restated a “hold” rating and issued a $39.00 target price (down from $40.00) on shares of Avnet in a report on Thursday. SunTrust Banks, Inc. cut Avnet from a “buy” rating to a “hold” rating and dropped their target price for the company from $53.00 to $39.00 in a report on Friday, April 28th. Finally, Longbow Research cut Avnet from a “buy” rating to a “neutral” rating in a report on Friday, April 28th. Six research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a strong buy rating to the stock. Avnet presently has an average rating of “Hold” and an average price target of $42.11.
In other Avnet news, CFO Kevin M. Moriarty purchased 6,933 shares of the stock in a transaction dated Thursday, May 18th. The stock was acquired at an average cost of $36.08 per share, for a total transaction of $250,142.64. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James A. Lawrence purchased 408,451 shares of the stock in a transaction dated Friday, June 2nd. The shares were acquired at an average price of $36.99 per share, with a total value of $15,108,602.49. Following the completion of the acquisition, the director now owns 416,549 shares in the company, valued at approximately $15,408,147.51. The disclosure for this purchase can be found here. Corporate insiders own 1.47% of the company’s stock.
Avnet Company Profile
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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