Applied Industrial Technologies, Inc. (AIT) to Issue Quarterly Dividend of $0.37 on November 29th

Applied Industrial Technologies, Inc. (NYSE:AIT) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Friday, November 15th will be given 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 raised its dividend payment by an average of 3.0% annually over the last three years and has raised its dividend every year for the last 15 years. Applied Industrial Technologies has a payout ratio of 15.3% meaning its dividend is sufficiently covered by earnings. 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 Price Performance

NYSE AIT opened at $231.32 on Friday. Applied Industrial Technologies has a 52 week low of $149.59 and a 52 week high of $240.45. The company has a current ratio of 3.53, a quick ratio of 2.56 and a debt-to-equity ratio of 0.34. The stock has a market cap of $8.93 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 3.12 and a beta of 1.03. The company has a 50-day moving average price of $214.79 and a two-hundred day moving average price of $201.14.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, October 24th. The industrial products company reported $2.36 EPS 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 during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $2.39 EPS. Applied Industrial Technologies’s quarterly revenue was up .3% on a year-over-year basis. Analysts forecast that Applied Industrial Technologies will post 9.69 EPS for the current year.

Analysts Set New Price Targets

AIT has been the subject of several recent analyst reports. KeyCorp upped their target price on shares of Applied Industrial Technologies from $245.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday. Raymond James upped their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday. Oppenheimer upped their target price on shares of Applied Industrial Technologies from $235.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday. Loop Capital increased their price objective on shares of Applied Industrial Technologies from $215.00 to $230.00 and gave the company a “buy” rating in a report on Friday, August 16th. Finally, StockNews.com upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Tuesday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus price target of $255.71.

Insider Buying and Selling

In related news, CEO Neil A. Schrimsher sold 3,703 shares of Applied Industrial Technologies stock in a transaction 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 $41,602,385.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other 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 transaction 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Kurt W. Loring sold 4,858 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $203.10, for a total transaction of $986,659.80. Following the transaction, the vice president now owns 19,315 shares in the company, valued at approximately $3,922,876.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,927 shares of company stock worth $2,439,116 in the last quarter. 2.20% of the stock is currently 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.