Applied Industrial Technologies, Inc. (AIT) To Go Ex-Dividend on May 14th

Applied Industrial Technologies, Inc. (NYSE:AIT) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, May 14th.

Applied Industrial Technologies has increased its dividend payment by an average of 3.0% per year over the last three years and has increased its dividend every year for the last 15 years. Applied Industrial Technologies has a payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

NYSE AIT opened at $180.89 on Friday. Applied Industrial Technologies has a twelve month low of $122.24 and a twelve month high of $201.76. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74. The stock has a market capitalization of $7.00 billion, a PE ratio of 18.98, a P/E/G ratio of 1.96 and a beta of 1.08. The stock has a 50-day simple moving average of $189.87 and a 200 day simple moving average of $175.46.

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. KeyCorp boosted their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Oppenheimer started coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $201.00.

Insider Activity 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 stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the sale, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.20% of the company’s stock.

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.