Applied Industrial Technologies, Inc. (AIT) To Go Ex-Dividend on November 13th

Applied Industrial Technologies, Inc. (NYSE:AIT) announced a quarterly dividend on Tuesday, October 20th. Stockholders 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 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, November 13th.

Applied Industrial Technologies has increased its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 16 consecutive years. Applied Industrial Technologies has a dividend payout ratio of 19.2% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

NYSE:AIT opened at $298.80 on Wednesday. The company has a current ratio of 2.89, a quick ratio of 1.90 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $10.91 billion, a P/E ratio of 26.44, a P/E/G ratio of 2.37 and a beta of 0.87. Applied Industrial Technologies has a 12 month low of $238.72 and a 12 month high of $374.80. The business’s 50-day moving average is $321.75 and its 200 day moving average is $309.80.

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Wall Street Zen lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Robert W. Baird decreased their price objective on Applied Industrial Technologies from $400.00 to $350.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 28th. KeyCorp lowered their price objective on Applied Industrial Technologies from $420.00 to $360.00 and set an “overweight” rating for the company in a research note on Wednesday, October 28th. Weiss Ratings downgraded Applied Industrial Technologies from a “buy (b)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Finally, Oppenheimer reissued an “outperform” rating on shares of Applied Industrial Technologies in a research report on Wednesday, October 28th. Six analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $380.00.

Applied Industrial Technologies Company Profile

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.