Applied Industrial Technologies (NYSE:AIT) announced a quarterly dividend on Thursday, January 25th, RTT News reports. Stockholders of record on Thursday, February 15th will be given a dividend of 0.30 per share by the industrial products company on Wednesday, February 28th. This represents a $1.20 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Wednesday, February 14th. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.29.
Applied Industrial Technologies has raised its dividend payment by an average of 5.1% annually over the last three years and has increased its dividend annually for the last 8 consecutive years. Applied Industrial Technologies has a payout ratio of 35.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Applied Industrial Technologies to earn $4.13 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 28.1%.
Shares of Applied Industrial Technologies (NYSE:AIT) opened at $71.90 on Friday. The company has a current ratio of 3.33, a quick ratio of 1.90 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $2,732.36, a price-to-earnings ratio of 22.36, a P/E/G ratio of 1.70 and a beta of 0.96. Applied Industrial Technologies has a 1 year low of $54.00 and a 1 year high of $75.35.
Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, January 25th. The industrial products company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.71 by $0.06. Applied Industrial Technologies had a return on equity of 16.53% and a net margin of 5.43%. The firm had revenue of $667.19 million during the quarter, compared to the consensus estimate of $651.05 million. analysts predict that Applied Industrial Technologies will post 3.46 earnings per share for the current year.
Several equities research analysts recently commented on AIT shares. ValuEngine cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research note on Tuesday, January 23rd. Finally, Wellington Shields raised Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $71.00.
In other Applied Industrial Technologies news, VP Todd A. Barlett sold 3,800 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $75.00, for a total value of $285,000.00. Following the sale, the vice president now directly owns 90,155 shares in the company, valued at $6,761,625. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Green Edith Kelly sold 6,873 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $74.41, for a total value of $511,419.93. Following the completion of the sale, the director now owns 24,230 shares in the company, valued at $1,802,954.30. The disclosure for this sale can be found here. Company insiders own 3.70% of the company’s stock.
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About Applied Industrial Technologies
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
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