Avnet, Inc. (NASDAQ:AVT) to Issue Quarterly Dividend of $0.35

Avnet, Inc. (NASDAQ:AVT) declared a quarterly dividend on Friday, August 22nd, RTT News reports. Stockholders of record on Wednesday, September 17th will be paid a dividend of 0.35 per share on Friday, September 26th. This represents a c) dividend on an annualized basis and a dividend yield of 2.7%. This is a 6.1% increase from Avnet’s previous quarterly dividend of $0.33.

Avnet has a payout ratio of 26.2% meaning 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 Stock Down 0.9%

Shares of AVT opened at $52.82 on Friday. Avnet has a 52 week low of $39.22 and a 52 week high of $59.24. The company has a quick ratio of 1.16, a current ratio of 2.43 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 0.38 and a beta of 1.06. The stock’s 50-day moving average price is $53.55 and its 200-day moving average price is $50.74.

Avnet (NASDAQ:AVT) last issued its earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. Avnet had a return on equity of 6.07% and a net margin of 1.08%.The firm had revenue of $5.62 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Avnet will post 3.41 EPS for the current year.

Hedge Funds Weigh In On Avnet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Pzena Investment Management LLC increased its holdings in shares of Avnet by 2.9% in the second quarter. Pzena Investment Management LLC now owns 7,341,299 shares of the company’s stock valued at $389,676,000 after purchasing an additional 209,003 shares during the last quarter. American Century Companies Inc. increased its stake in Avnet by 10.8% during the first quarter. American Century Companies Inc. now owns 3,880,865 shares of the company’s stock worth $186,631,000 after acquiring an additional 378,440 shares during the last quarter. LSV Asset Management boosted its position in shares of Avnet by 2.5% during the second quarter. LSV Asset Management now owns 2,667,923 shares of the company’s stock worth $141,613,000 after buying an additional 66,191 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Avnet by 5.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,581,227 shares of the company’s stock worth $124,131,000 after buying an additional 134,372 shares during the period. Finally, AQR Capital Management LLC boosted its position in shares of Avnet by 25.9% during the second quarter. AQR Capital Management LLC now owns 1,680,538 shares of the company’s stock worth $88,312,000 after buying an additional 345,721 shares during the period. Hedge funds and other institutional investors own 95.78% of the company’s stock.

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.