Avnet to Issue Quarterly Dividend of $0.20 (AVT)

Avnet (NYSE:AVT) declared a quarterly dividend on Tuesday, May 21st, RTT News reports. Investors of record on Wednesday, June 5th will be paid a dividend of 0.20 per share by the technology company on Wednesday, June 19th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.82%.

Shares of NYSE:AVT traded up $0.85 during mid-day trading on Tuesday, reaching $43.93. 550,297 shares of the company traded hands, compared to its average volume of 728,048. Avnet has a 52 week low of $33.55 and a 52 week high of $49.40.

Avnet (NYSE:AVT) last announced its quarterly earnings data on Thursday, April 25th. The technology company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.01. The company had revenue of $4.70 billion for the quarter, compared to the consensus estimate of $4.75 billion. During the same quarter last year, the firm posted $1.02 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year.

A number of research analysts recently commented on the company. Zacks Investment Research raised Avnet from a “sell” rating to a “hold” rating in a report on Tuesday, April 30th. Citigroup set a $47.00 price target on Avnet and gave the stock a “hold” rating in a report on Friday, April 26th. Finally, TheStreet raised Avnet from a “c+” rating to a “b-” rating in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $49.00.

In other news, Director James A. Lawrence sold 20,620 shares of the company’s stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $45.20, for a total transaction of $932,024.00. Following the sale, the director now directly owns 500,000 shares of the company’s stock, valued at approximately $22,600,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth A. Jacobson sold 7,796 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $47.92, for a total value of $373,584.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 215,911 shares of company stock worth $10,207,871. 1.65% of the stock is owned by insiders.

ILLEGAL ACTIVITY NOTICE: This article was originally posted by Markets Daily and is owned by of Markets Daily. If you are viewing this article on another site, it was illegally copied and republished in violation of U.S. & international copyright and trademark legislation. The correct version of this article can be viewed at https://www.themarketsdaily.com/2019/05/21/avnet-to-issue-quarterly-dividend-of-0-20-avt.html.

About Avnet

Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.

Further Reading: Why is the price-sales ratio important?

Dividend History for Avnet (NYSE:AVT)

Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.