Avnet (AVT) will raise its quarterly dividend by 4.8 percent to 22 cents per share in 2021. The company did not hike its dividend in 2020 with the last increase of 5.0 percent to $0.21 per share announced in 2019. The increase marks the 8th consecutive year of annual dividend increases.

The next dividend will be paid on June 23, 2021 to shareholders of record as of the close of business on June 9, 2021. A new annual rate of 88 cents per share yields 2.0% at a stock price of $44.29.

“Our commitment to streamlining our operations and strengthening our financial profile over the past year has positioned Avnet as a more nimble and efficient organization, resulted in improved competitive performance and enabled us to generate strong free cash flow,” said Avnet Chief Executive Officer Phil Gallagher. “This dividend increase is a reflection of our confidence in our growth strategy as well as our long-standing commitment of returning cash to shareholders while creating significant value for all Avnet stakeholders.”

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.