Applied Industrial Technologies, Inc. Declares Quarterly Dividend of $0.34 (NYSE:AIT) – MarketBeat

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Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) announced a quarterly dividend on Thursday, October 27th, Zacks reports. Shareholders of record on Tuesday, November 15th will be given a dividend of 0.34 per share by the industrial products company on Wednesday, November 30th. This represents a $1.36 annualized dividend and a yield of 1.10%. The ex-dividend date is Monday, November 14th.
Applied Industrial Technologies has increased its dividend by an average of 3.2% annually over the last three years and has increased its dividend every year for the last 12 years. Applied Industrial Technologies has a payout ratio of 19.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Applied Industrial Technologies to earn $7.67 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 17.7%.

Applied Industrial Technologies Stock Up 2.3 %

Shares of NYSE AIT traded up $2.77 during trading on Friday, reaching $123.94. 1,711 shares of the stock were exchanged, compared to its average volume of 189,052. The business’s 50-day moving average price is $107.76 and its 200 day moving average price is $102.95. Applied Industrial Technologies has a twelve month low of $88.09 and a twelve month high of $124.96. The company has a quick ratio of 1.82, a current ratio of 2.72 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.67 and a beta of 1.13.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last released its earnings results on Thursday, October 27th. The industrial products company reported $1.97 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.34. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $988.51 million. During the same quarter last year, the business posted $1.36 EPS. Applied Industrial Technologies’s quarterly revenue was up 19.1% compared to the same quarter last year. As a group, equities analysts forecast that Applied Industrial Technologies will post 7.19 EPS for the current fiscal year.

Insider Buying and Selling at Applied Industrial Technologies

In other news, Director Vincent K. Petrella sold 3,114 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the sale, the director now owns 18,666 shares in the company, valued at approximately $2,142,110.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Kurt W. Loring sold 7,146 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $112.66, for a total value of $805,068.36. Following the completion of the sale, the vice president now owns 24,632 shares in the company, valued at $2,775,041.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincent K. Petrella sold 3,114 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $114.76, for a total value of $357,362.64. Following the completion of the sale, the director now owns 18,666 shares of the company’s stock, valued at approximately $2,142,110.16. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Applied Industrial Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Zebra Capital Management LLC purchased a new stake in shares of Applied Industrial Technologies during the first quarter worth $474,000. Engineers Gate Manager LP acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $474,000. Lido Advisors LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $396,000. Jane Street Group LLC acquired a new stake in Applied Industrial Technologies during the first quarter worth about $372,000. Finally, Renaissance Technologies LLC acquired a new stake in Applied Industrial Technologies during the first quarter worth about $339,000. 93.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AIT. Robert W. Baird downgraded Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $115.00 to $129.00 in a report on Friday, August 12th. KeyCorp upped their target price on shares of Applied Industrial Technologies from $130.00 to $138.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, StockNews.com began coverage on Applied Industrial Technologies in a report on Wednesday, October 12th. They issued a “buy” rating for the company.

Applied Industrial Technologies Company Profile

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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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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Dividend History for Applied Industrial Technologies (NYSE:AIT)
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