Applied Industrial Technologies (NYSE:AIT) Posts Earnings Results

Applied Industrial Technologies (NYSE:AIT) posted its quarterly earnings data on Thursday. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.40 by $0.08, Briefing.com reports. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business’s revenue was down 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.38 earnings per share. 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 Trading Up 1.1 %

NYSE AIT traded up $1.95 during mid-day 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 firm has a market capitalization of $7.00 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 1.87 and a beta of 1.08. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.59. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76. The stock’s fifty day simple moving average is $189.87 and its two-hundred day simple moving average is $175.46.

Applied Industrial Technologies Dividend Announcement

The company 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 dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Oppenheimer began coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target for the company. KeyCorp raised their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and a consensus target price of $201.00.

Insiders Place Their Bets

In other news, VP Warren E. Hoffner III sold 2,000 shares of the firm’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 transaction, the vice president now owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.20% of the stock is owned by 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.