Applied Industrial Technologies, Inc. Announces Quarterly Dividend of $0.37 (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Wednesday, May 15th will be paid a dividend of 0.37 per share by the industrial products company on Friday, May 31st. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Tuesday, May 14th.

Applied Industrial Technologies has increased its dividend by an average of 3.0% annually over the last three years and has increased its dividend annually for the last 15 consecutive years. Applied Industrial Technologies has a payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Applied Industrial Technologies to earn $9.72 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 15.2%.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT opened at $180.89 on Friday. The firm’s 50-day moving average price is $189.87 and its 200-day moving average price is $175.46. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76. The firm has a market capitalization of $7.00 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.96 and a beta of 1.08. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the business earned $2.38 earnings per share. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts anticipate that Applied Industrial Technologies will post 9.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on AIT shares. Oppenheimer started coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies has an average rating of “Buy” and an average target price of $201.00.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by insiders.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.