Applied Industrial Technologies (AIT) Declares $0.28 Quarterly Dividend; Approves 1.5M Share Buyback

October 26, 2016 8:06 AM EDT

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Applied Industrial Technologies (NYSE: AIT) declared a quarterly dividend of $0.28 per share, or $1.12 annualized.

The dividend will be payable on November 30, 2016, to stockholders of record on November 15, 2016, with an ex-dividend date of November 10, 2016.

The annual yield on the dividend is 2.6 percent.

During the quarter, the Company purchased 65,000 shares of its common stock in open market transactions for $3.0 million. On October 24, the Board of Directors authorized the repurchase of up to an additional 1.5 million shares of the Company’s common stock – a plan that replaces the prior share repurchase plan. The shares may be purchased in open market and negotiated transactions. “This additional authorization reflects the Board’s continued confidence in the Company’s financial strength and strategic plan, and our ongoing commitment to generating increased shareholder value,” added Mr. Schrimsher.

For a dividend history and other dividend-related data on Applied Industrial Technologies (AIT) click here.

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