Applied Industrial Technologies Plans Quarterly Dividend of $0.31 (NYSE:AIT)

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Applied Industrial Technologies (NYSE:AIT) declared a quarterly dividend on Wednesday, October 30th, Zacks reports. Shareholders of record on Friday, November 15th will be given a dividend of 0.31 per share by the industrial products company on Friday, November 29th. This represents a $1.24 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend is Thursday, November 14th.

NYSE:AIT traded up $0.73 during mid-day trading on Friday, hitting $60.57. The company had a trading volume of 573 shares, compared to its average volume of 144,426. Applied Industrial Technologies has a fifty-two week low of $49.45 and a fifty-two week high of $70.65. The business’s fifty day moving average is $55.73 and its two-hundred day moving average is $56.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.65 and a current ratio of 2.71. The firm has a market cap of $2.22 billion, a P/E ratio of 13.73 and a beta of 1.35.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $1.02 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.01. The company had revenue of $856.40 million for the quarter, compared to analyst estimates of $850.45 million. Applied Industrial Technologies had a return on equity of 19.53% and a net margin of 4.15%. Applied Industrial Technologies’s revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.14 earnings per share. Equities analysts forecast that Applied Industrial Technologies will post 4.36 earnings per share for the current year.

In related news, Director Jerry Sue Thornton sold 16,031 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $53.45, for a total transaction of $856,856.95. Following the completion of the transaction, the director now directly owns 55,003 shares in the company, valued at $2,939,910.35. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.70% of the stock is currently owned by company insiders.

A number of research analysts recently issued reports on AIT shares. ValuEngine upgraded Applied Industrial Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Wells Fargo & Co set a $60.00 price objective on Applied Industrial Technologies and gave the stock a “hold” rating in a report on Monday, September 23rd. Finally, KeyCorp reiterated an “overweight” rating and set a $65.00 price objective (down from $70.00) on shares of Applied Industrial Technologies in a report on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $65.00.

Applied Industrial Technologies Company Profile

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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Dividend History for Applied Industrial Technologies (NYSE:AIT)

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