Applied Industrial Technologies, Inc. (AIT) to Distribute Quarterly Dividend of $0.51 on November 30th

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

Applied Industrial Technologies has increased its dividend by an average of 0.1% per year over the last three years and has raised its dividend every year for the last 16 years. Applied Industrial Technologies has a payout ratio of 19.2% indicating that 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

Shares of NYSE:AIT opened at $298.80 on Wednesday. The business’s 50 day moving average is $321.75 and its 200-day moving average is $309.80. 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 firm has a market capitalization of $10.91 billion, a PE ratio of 26.44, a PEG ratio of 2.37 and a beta of 0.87. Applied Industrial Technologies has a 1-year low of $238.72 and a 1-year high of $374.80.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Tuesday, October 27th. The industrial products company reported $2.97 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same quarter in the prior year, the business earned $2.63 earnings per share. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. Sell-side analysts predict that Applied Industrial Technologies will post 12.06 earnings per share for the current year.

Insider Activity

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

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors have recently made changes to their positions in the stock. Alpine Bank Wealth Management purchased a new position in shares of Applied Industrial Technologies in the third quarter worth about $25,000. Global Retirement Partners LLC purchased a new position in shares of Applied Industrial Technologies during the second quarter valued at approximately $37,000. Kilter Group LLC bought a new position in Applied Industrial Technologies during the 2nd quarter valued at approximately $40,000. Silvant Capital Management LLC purchased a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $54,000. Finally, Harbor Investment Advisory LLC bought a new position in shares of Applied Industrial Technologies in the second quarter worth approximately $96,000. Institutional investors 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.