Applied Industrial Technologies (NYSE:AIT) announced a quarterly dividend on Monday, June 29th, Wall Street Journal reports. Investors of record on Friday, August 14th will be paid a dividend of 0.32 per share by the industrial products company on Monday, August 31st. This represents a $1.28 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend is Thursday, August 13th.
Applied Industrial Technologies has increased its dividend payment by an average of 94.8% annually over the last three years and has increased its dividend annually for the last 10 consecutive years. Applied Industrial Technologies has a dividend payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Applied Industrial Technologies to earn $3.53 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 36.3%.
Shares of NYSE:AIT traded up $2.53 during trading hours on Monday, reaching $61.49. The stock had a trading volume of 11,103 shares, compared to its average volume of 226,842. The firm’s 50 day moving average is $58.05 and its 200-day moving average is $58.10. Applied Industrial Technologies has a 1 year low of $30.66 and a 1 year high of $70.62. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.66 and a current ratio of 2.60. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of 70.65 and a beta of 1.38.
Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Thursday, April 30th. The industrial products company reported $1.02 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.01. Applied Industrial Technologies had a net margin of 0.99% and a return on equity of 17.40%. The company had revenue of $830.80 million during the quarter, compared to analysts’ expectations of $858.94 million. During the same quarter last year, the business earned $1.16 EPS. The business’s revenue was down 6.2% on a year-over-year basis. Analysts forecast that Applied Industrial Technologies will post 3.74 EPS for the current year.
A number of analysts have recently issued reports on the stock. TheStreet lowered shares of Applied Industrial Technologies from a “b” rating to a “c+” rating in a research note on Friday, March 13th. ValuEngine upgraded shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research note on Friday, March 13th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Finally, Wells Fargo & Co raised shares of Applied Industrial Technologies to a “buy” rating in a report on Friday, March 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Applied Industrial Technologies presently has a consensus rating of “Hold” and a consensus price target of $74.40.
In related news, Director Peter C. Wallace sold 2,724 shares of Applied Industrial Technologies stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $58.43, for a total value of $159,163.32. Following the sale, the director now owns 30,986 shares of the company’s stock, valued at approximately $1,810,511.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Neil A. Schrimsher bought 4,200 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average cost of $47.81 per share, for a total transaction of $200,802.00. Following the transaction, the chief executive officer now owns 172,698 shares in the company, valued at approximately $8,256,691.38. The disclosure for this purchase can be found here. 2.70% of the stock is currently owned by corporate insiders.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.
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