Electronics distributor Avnet Inc. AVT, +1.19% said late Tuesday that its board has approved a 7% increase in the company’s dividend to 31 cents a share. The dividend will be paid on Sept. 27 to shareholders of record as of the close of business on Sept. 13, the company said. The dividend increase furthers “our commitment to delivering sustainable shareholder returns as part of our capital allocation strategy,” Avnet Chief Executive Phil Gallagher said in a statement. Shares of Avnet dropped 1.5% in the extended session Tuesday after ending the regular trading day up 1.2%.
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