Applied Industrial Technologies (NYSE:AIT) Announces Earnings Results

Applied Industrial Technologies (NYSE:AIT) issued its earnings results on Thursday. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08, Briefing.com reports. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. Applied Industrial Technologies updated its FY24 guidance to $9.55-$9.70 EPS and its FY 2024 guidance to 9.550-9.700 EPS.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded up $1.95 during trading on Friday, hitting $180.89. The stock had a trading volume of 448,122 shares, compared to its average volume of 245,005. The firm has a market cap of $7.00 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.08. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76. The business’s 50-day moving average is $189.87 and its 200 day moving average is $175.46. The company has a current ratio of 3.77, a quick ratio of 2.59 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a $0.37 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price on the stock. KeyCorp upped their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $201.00.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.20% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.