Applied Industrial Technologies, Inc. (NYSE:AIT) to Issue $0.37 Quarterly Dividend

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) declared a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Friday, November 15th will be paid a dividend of 0.37 per share by the industrial products company on Friday, November 29th. This represents a $1.48 annualized dividend and a yield of 0.64%. The ex-dividend date is Friday, November 15th.

Applied Industrial Technologies has increased its dividend by an average of 3.0% per year 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 15.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Applied Industrial Technologies to earn $10.53 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 14.1%.

Applied Industrial Technologies Stock Performance

AIT stock traded down $0.67 during trading on Friday, hitting $231.30. 302,580 shares of the company's stock traded hands, compared to its average volume of 289,076. The stock has a fifty day moving average price of $214.20 and a two-hundred day moving average price of $200.90. The company has a quick ratio of 2.56, a current ratio of 3.53 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 52 week low of $149.59 and a 52 week high of $240.45. The stock has a market capitalization of $8.93 billion, a price-to-earnings ratio of 24.38, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, topping the consensus estimate of $2.25 by $0.11. Applied Industrial Technologies had a net margin of 8.61% and a return on equity of 23.55%. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the business earned $2.39 earnings per share. Applied Industrial Technologies's quarterly revenue was up .3% on a year-over-year basis. As a group, equities analysts anticipate that Applied Industrial Technologies will post 9.69 EPS for the current fiscal year.

Analyst Ratings Changes

AIT has been the topic of a number of analyst reports. Bank of America increased their price objective on shares of Applied Industrial Technologies from $232.00 to $240.00 and gave the stock a "neutral" rating in a report on Friday. Loop Capital raised their price target on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, August 16th. KeyCorp boosted their price objective on Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday. Mizuho initiated coverage on Applied Industrial Technologies in a research report on Tuesday. They issued an "outperform" rating and a $285.00 target price on the stock. Finally, Robert W. Baird lifted their target price on Applied Industrial Technologies from $210.00 to $250.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $255.71.

Insider Activity

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of the business's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the sale, the chief executive officer now directly owns 205,708 shares in the company, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $202.24, for a total value of $748,894.72. Following the transaction, the chief executive officer now owns 205,708 shares in the company, valued at approximately $41,602,385.92. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Kurt W. Loring sold 4,858 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $203.10, for a total value of $986,659.80. Following the sale, the vice president now owns 19,315 shares of the company's stock, valued at $3,922,876.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,927 shares of company stock worth $2,439,116. 2.20% of the stock is owned by company 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.