Applied Industrial Technologies, Inc. (NYSE:AIT) Declares Quarterly Dividend of $0.51

Applied Industrial Technologies, Inc. (NYSE:AIT) declared a quarterly dividend on Tuesday, October 20th. Investors of record on Friday, November 13th will be paid a dividend of $0.51 per share by the industrial products company on Monday, November 30th. This represents a $2.04 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Friday, November 13th.

Applied Industrial Technologies has raised its dividend by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 16 years. Applied Industrial Technologies has a dividend payout ratio of 19.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Applied Industrial Technologies to earn $13.22 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 15.4%.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $298.80 on Wednesday. Applied Industrial Technologies has a 1-year low of $238.72 and a 1-year high of $374.80. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.89 and a quick ratio of 1.90. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 26.44, a PEG ratio of 2.37 and a beta of 0.87. The company’s 50-day moving average is $321.75 and its two-hundred day moving average is $309.80.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.08. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.38%. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the business posted $2.63 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. Analysts forecast that Applied Industrial Technologies will post 12.06 EPS for the current year.

Insider Activity

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 1,904 shares of the business’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $340.45, for a total transaction of $648,216.80. Following the sale, the director directly owned 22,859 shares in the company, valued at approximately $7,782,346.55. The trade was a 7.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David K. Wells sold 1,812 shares of the company’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $355.10, for a total transaction of $643,441.20. Following the completion of the sale, the chief financial officer directly owned 32,050 shares in the company, valued at $11,380,955. This trade represents a 5.35% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by company insiders.

Institutional Trading of Applied Industrial Technologies

A number of large investors have recently made changes to their positions in AIT. Alpine Bank Wealth Management acquired a new stake in shares of Applied Industrial Technologies during the 3rd quarter worth about $25,000. Global Retirement Partners LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $37,000. Kilter Group LLC purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter worth $40,000. Silvant Capital Management LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $54,000. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Applied Industrial Technologies during the second quarter worth $96,000. Institutional investors and hedge funds own 93.52% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc. distributes industrial products and provides engineering and related services to manufacturers and other industrial customers. Its offerings include bearings, power-transmission components, fluid-power products, automation equipment and general maintenance, repair and operations supplies. The company also provides technical support, engineering, systems integration, repair and inventory-management services. These capabilities help customers maintain equipment, improve production processes and manage the supply of industrial components.