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

Applied Industrial Technologies, Inc. (NYSE:AIT) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors 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 yield of 0.83%. The ex-dividend date of this dividend is Tuesday, May 14th.

Applied Industrial Technologies has raised its dividend payment by an average of 3.0% per year over the last three years and has increased its dividend every year for the last 15 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 Trading Down 3.9 %

Shares of NYSE:AIT opened at $178.79 on Friday. The business’s 50-day moving average is $190.03 and its 200 day moving average is $175.31. 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 $6.91 billion, a P/E ratio of 18.76, a P/E/G ratio of 1.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59.

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

Analysts Set New Price Targets

A number of analysts have recently commented on AIT shares. Oppenheimer assumed coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price on the stock. KeyCorp lifted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $201.00.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the sale, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is currently owned by company insiders.

Applied Industrial Technologies Company Profile

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.