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Electronic components distributor Avent (NYSE: AVT ) announced today that it is initiating a quarterly dividend program starting with a rate of $0.15 per share. The board of directors said the quarterly dividend is payable on September 20 to holders of record at the close of business on September 10.
Noting that its success in growing the company has given it the financial wherewithal and flexibility to pay a dividend, Avnet CEO Rick Hamada said, "Given our confidence in and commitment to long-term shareholder value creation, we believe now is an appropriate time to incorporate a more consistent element of returning capital to shareholders in the form of a dividend."
The new dividend payment equates to a $0.60-per-share annual dividend, yielding 1.5% based on the closing price today of Avnet's stock.