Applied Industrial Technologies (NYSE:AIT) announced a quarterly dividend on Thursday, June 20th, Zacks reports. Shareholders of record on Thursday, August 15th will be given a dividend of 0.31 per share by the industrial products company on Friday, August 30th. This represents a $1.24 annualized dividend and a yield of 2.12%. The ex-dividend date is Wednesday, August 14th.
Applied Industrial Technologies has raised its dividend payment by an average of 3.6% annually over the last three years and has raised its dividend every year for the last 9 years. Applied Industrial Technologies has a dividend payout ratio of 26.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Applied Industrial Technologies to earn $5.05 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 24.6%.
AIT opened at $58.53 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.70 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 15.65 and a beta of 1.28. Applied Industrial Technologies has a 1-year low of $50.56 and a 1-year high of $82.35.
Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Friday, April 26th. The industrial products company reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.01). The company had revenue of $885.44 million during the quarter, compared to analyst estimates of $891.73 million. Applied Industrial Technologies had a net margin of 4.14% and a return on equity of 20.06%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS. As a group, equities research analysts forecast that Applied Industrial Technologies will post 4.57 EPS for the current year.
AIT has been the subject of several research reports. Longbow Research upgraded shares of Applied Industrial Technologies from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a research report on Friday, March 8th. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, March 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $71.00.
Applied Industrial Technologies Company Profile
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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