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

Applied Industrial Technologies, Inc. (NYSE:AIT - Get Free Report) 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 dividend yield of 0.82%. The ex-dividend date is Tuesday, May 14th.

Applied Industrial Technologies has increased its dividend payment by an average of 3.0% annually 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 14.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Stock Up 1.1 %

NYSE:AIT traded up $1.95 during mid-day trading on Friday, hitting $180.89. 395,452 shares of the company's stock were exchanged, compared to its average volume of 338,668. Applied Industrial Technologies has a one year low of $122.24 and a one year high of $201.76. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The business has a fifty day moving average price of $190.03 and a 200 day moving average price of $175.31. The company has a market cap of $7.00 billion, a PE ratio of 18.98, a P/E/G ratio of 1.96 and a beta of 1.08.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted $2.38 earnings per share. Applied Industrial Technologies's quarterly revenue was down 2.8% on a year-over-year basis. Equities analysts predict that Applied Industrial Technologies will post 9.5 EPS for the current year.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the company's stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

AIT has been the topic of several research reports. Oppenheimer initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an "outperform" rating and a $235.00 price objective on the stock. KeyCorp boosted their price objective on shares of 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of "Buy" and a consensus target price of $201.00.

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.