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Tech Industry

Avnet sets rare stock split

    Avnet gave its investors some good news Tuesday when it announced a 2-for-1 split, its first split in more than 17 years.

    Avnet (NYSE: AVT) shares closed up 5/16 to 15 3/8 ahead of the announcement.

    Company officials the split will take effect on Sept. 28 for all shareholders of record on Sept. 18.

    The distributor of semiconductors, electronic components and computer products posted a profit of $66.5 million, or $1.48 a share, on sales of $2.7 billion in its fourth quarter.

    First Call Corp. consensus expects Avnet to earn $1.47 a share in its first quarter and $6.36 a share in the fiscal year.

    The stock last split in February 1983.

    Its shares moved up to a 52-week high of 81 1/8 in April after falling to a low of 37 5/16 in October.

    All six analysts following the stock rate it either a "buy" or "strong buy."