Applied Industrial Technologies (NYSE:AIT) announced a quarterly dividend on Monday, June 29th, Wall Street Journal reports. Investors of record on Friday, August 14th will be paid a dividend of 0.32 per share by the industrial products company on Monday, August 31st. This represents a $1.28 annualized dividend and a yield of 2.08%. The ex-dividend date is Thursday, August 13th.
Applied Industrial Technologies has increased its dividend by an average of 94.8% per year over the last three years and has raised its dividend every year for the last 10 years. Applied Industrial Technologies has a payout ratio of 35.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Applied Industrial Technologies to earn $3.53 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 36.3%.
Shares of Applied Industrial Technologies stock opened at $61.46 on Tuesday. The company has a market capitalization of $2.28 billion, a PE ratio of 72.31 and a beta of 1.38. Applied Industrial Technologies has a 12 month low of $30.66 and a 12 month high of $70.62. The company has a current ratio of 2.60, a quick ratio of 1.66 and a debt-to-equity ratio of 1.04. The stock’s fifty day simple moving average is $58.42 and its 200 day simple moving average is $58.02.
AIT has been the topic of several research analyst reports. Wells Fargo & Co raised Applied Industrial Technologies to a “buy” rating in a research note on Friday, March 13th. TheStreet downgraded Applied Industrial Technologies from a “b” rating to a “c+” rating in a research note on Friday, March 13th. KeyCorp lifted their price target on Applied Industrial Technologies from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, June 11th. Finally, ValuEngine raised Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research note on Friday, March 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $74.40.
In related news, CEO Neil A. Schrimsher bought 4,200 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average price of $47.81 per share, with a total value of $200,802.00. Following the completion of the transaction, the chief executive officer now owns 172,698 shares in the company, valued at $8,256,691.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter C. Wallace sold 2,724 shares of Applied Industrial Technologies stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $58.43, for a total value of $159,163.32. Following the completion of the sale, the director now directly owns 30,986 shares in the company, valued at approximately $1,810,511.98. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by insiders.
About Applied Industrial Technologies
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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