Applied Industrial Technologies (NYSE:AIT) Issues Earnings Results, Beats Estimates By $0.08 EPS

Applied Industrial Technologies (NYSE:AIT) posted its quarterly earnings results on Thursday. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08, Briefing.com reports. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the business earned $2.38 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. 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 Stock Performance

Shares of AIT stock traded up $1.95 during trading on Friday, hitting $180.89. The company’s stock had a trading volume of 448,122 shares, compared to its average volume of 245,005. The company has a market cap of $7.00 billion, a PE ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.08. The company has a current ratio of 3.77, a quick ratio of 2.59 and a debt-to-equity ratio of 0.34. The business has a fifty day moving average of $189.87 and a 200-day moving average of $175.46. Applied Industrial Technologies has a 52 week low of $122.24 and a 52 week high of $201.76.

Applied Industrial Technologies Announces Dividend

The firm also recently announced 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. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio is presently 15.51%.

Analyst Ratings Changes

A number of research analysts recently weighed in on AIT shares. Oppenheimer started coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. KeyCorp increased their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $201.00.

Insider Activity

In other news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was 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 of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Company Profile

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.