Applied Industrial Technologies, Inc. (NYSE:AIT) Announces $0.46 Quarterly Dividend

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) declared a quarterly dividend on Wednesday, June 25th, RTT News reports. Investors of record on Friday, August 15th will be given a dividend of 0.46 per share by the industrial products company on Friday, August 29th. This represents a $1.84 dividend on an annualized basis and a yield of 0.78%.

Applied Industrial Technologies has a dividend payout ratio of 17.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Applied Industrial Technologies to earn $10.77 per share next year, which means the company should continue to be able to cover its $1.84 annual dividend with an expected future payout ratio of 17.1%.

Applied Industrial Technologies Stock Up 1.3%

NYSE AIT opened at $234.95 on Wednesday. Applied Industrial Technologies has a 12 month low of $182.21 and a 12 month high of $282.98. The company has a market capitalization of $8.95 billion, a P/E ratio of 23.59, a PEG ratio of 2.99 and a beta of 0.93. The company's 50 day simple moving average is $228.26 and its 200 day simple moving average is $238.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.57 and a quick ratio of 2.51.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, May 1st. The industrial products company reported $2.57 EPS for the quarter, topping the consensus estimate of $2.40 by $0.17. The company had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. Applied Industrial Technologies had a net margin of 8.64% and a return on equity of 22.01%. The business's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the company posted $2.48 earnings per share. Equities research analysts expect that Applied Industrial Technologies will post 9.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wall Street Zen upgraded shares of Applied Industrial Technologies from a "hold" rating to a "buy" rating in a report on Sunday. Loop Capital dropped their price objective on Applied Industrial Technologies from $320.00 to $290.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Raymond James Financial reissued an "outperform" rating and set a $250.00 price objective (down previously from $265.00) on shares of Applied Industrial Technologies in a research report on Friday, May 2nd. Finally, KeyCorp lowered their target price on Applied Industrial Technologies from $325.00 to $275.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $285.00.

Institutional Trading of Applied Industrial Technologies

Institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its position in Applied Industrial Technologies by 4.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 381,187 shares of the industrial products company's stock worth $85,897,000 after buying an additional 14,926 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Applied Industrial Technologies by 12.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,348 shares of the industrial products company's stock valued at $22,162,000 after acquiring an additional 10,863 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $318,000. Finally, Focus Partners Wealth raised its holdings in Applied Industrial Technologies by 4.5% during the first quarter. Focus Partners Wealth now owns 1,341 shares of the industrial products company's stock worth $302,000 after acquiring an additional 58 shares in the last quarter. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies announced that its Board of Directors has initiated a share buyback program on Thursday, May 1st that allows the company to repurchase 1,500,000 shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its stock is undervalued.

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.

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