Applied Industrial Technologies, Inc. (NYSE:AIT) Announces $0.37 Quarterly Dividend

Applied Industrial Technologies, Inc. (NYSE:AIT) announced a quarterly dividend on Friday, June 28th, Zacks reports. Shareholders of record on Thursday, August 15th will be given a dividend of 0.37 per share by the industrial products company on Friday, August 30th. This represents a $1.48 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend is Thursday, August 15th.

Applied Industrial Technologies has raised its dividend by an average of 3.0% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Applied Industrial Technologies has a dividend payout ratio of 14.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Applied Industrial Technologies to earn $10.15 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 14.6%.

Applied Industrial Technologies Stock Performance

AIT opened at $197.33 on Wednesday. The firm has a market capitalization of $7.62 billion, a P/E ratio of 20.68, a price-to-earnings-growth ratio of 2.03 and a beta of 1.06. The stock’s 50 day moving average price is $196.02 and its two-hundred day moving average price is $191.92. The company has a quick ratio of 2.70, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 12-month low of $142.66 and a 12-month high of $223.15.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Jason W. Vasquez sold 650 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $196.71, for a total value of $127,861.50. Following the completion of the sale, the vice president now owns 22,960 shares in the company, valued at approximately $4,516,461.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Northcoast Research initiated coverage on Applied Industrial Technologies in a report on Monday, July 1st. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $206.33.

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.