Avnet (AVT) will raise its quarterly dividend by 5.6 percent to $0.19 per share in the first quarter of 2018. This follows a 5.9 percent dividend hike in 2017.

The dividend will be paid on March 27, 2018, to shareholders of record as of the close of business on March 13, 2018. The new dividend yield is 1.8%.

“As our transformation continues to gain momentum and we expand our reach in high growth markets, we remain fully committed to our capital allocation priorities, which include consistent return of cash to shareholders,” said William Amelio, Avnet’s Chief Executive Officer. “Since the beginning of fiscal 2016, we have increased our quarterly dividend more than 11.7% and have returned nearly $221 million to shareholders over the past 10 quarters.”

Avnet, Inc. is a technology solutions company. Avnet's two primary operating groups are Electronic Components (EC) and Farnell. Both have operations in the Americas, Europe, Middle East and Africa and Asia/Pacific. Electronic Components markets, sells and distributes electronic components including semiconductors, interconnect, passive and electromechanical components and other integrated components. EC serves a variety of markets ranging from automotive to medical to defense and aerospace. Farnell distributes kits, tools, electronic components and industrial automation components, as well as test and measurement products to both engineers and entrepreneurs. Avnet was founded in 1921 and incorporated in New York in 1955.