Applied Industrial Technologies, Inc. (NYSE:AIT) Shareholders Set to Receive $0.51 Quarterly Dividend

Key Points

• Applied Industrial Technologies declared a quarterly dividend of $0.51 per share, payable November 30 to shareholders of record on November 13. The dividend implies $2.04 in annual payments and a 0.7% yield; the company has raised its dividend for 16 consecutive years.
• The company reported quarterly earnings of $2.97 per share, exceeding analysts’ $2.89 estimate, while revenue rose 7.6% year over year to $1.29 billion.
• AIT shares traded at $297.42 during Tuesday’s session, down $27.26, while institutional investors owned 93.52% of the company’s stock.

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) declared a quarterly dividend on Tuesday, October 27th. Stockholders of record on Friday, November 13th will be given a dividend of $0.51 per share by the industrial products company on Monday, November 30th. This represents a $2.04 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th.

Applied Industrial Technologies has increased its dividend payment by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 16 years. Applied Industrial Technologies has a payout ratio of 19.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Applied Industrial Technologies to earn $13.18 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 15.5%.

Applied Industrial Technologies Stock Performance

NYSE:AIT traded down $27.26 during mid-day trading on Tuesday, hitting $297.42. The stock had a trading volume of 680,702 shares, compared to its average volume of 297,774. The company has a current ratio of 2.58, a quick ratio of 1.75 and a debt-to-equity ratio of 0.14. The company has a 50 day simple moving average of $332.15 and a 200-day simple moving average of $308.38. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of 27.14, a P/E/G ratio of 2.54 and a beta of 0.85. Applied Industrial Technologies has a 52 week low of $238.72 and a 52 week high of $374.80.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, beating the consensus estimate of $2.89 by $0.08. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.29 billion. Applied Industrial Technologies had a net margin of 8.35% and a return on equity of 22.17%. Applied Industrial Technologies's revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.63 earnings per share. On average, research analysts expect that Applied Industrial Technologies will post 12.00 earnings per share for the current fiscal year.

Insider Activity

In other Applied Industrial Technologies news, CFO David K. Wells sold 1,812 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total value of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares of the company's stock, valued at approximately $11,380,955. This represents a 5.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter C. Wallace sold 1,904 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $340.45, for a total transaction of $648,216.80. Following the transaction, the director owned 22,859 shares of the company's stock, valued at approximately $7,782,346.55. This trade represents a 7.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.60% of the company's stock.

Institutional Trading of Applied Industrial Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in AIT. Alpine Bank Wealth Management acquired a new position in Applied Industrial Technologies in the third quarter worth approximately $25,000. Global Retirement Partners LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $37,000. Kilter Group LLC bought a new stake in shares of Applied Industrial Technologies during the 2nd quarter worth $40,000. Silvant Capital Management LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter worth $54,000. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Applied Industrial Technologies in the 2nd quarter worth $96,000. 93.52% of the stock is currently owned by institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc NYSE: AIT is a distributor and value-added service provider of industrial motion, power transmission, fluid power, automation, and control products. Its offerings include bearings, mechanical power-transmission components, motors, gearboxes, hydraulic and pneumatic equipment, industrial hoses, process pumps, safety products, and related maintenance supplies.

The company also provides technical and engineering services designed to help customers improve equipment performance, reliability, and productivity.

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