Applied Industrial Technologies (NYSE:AIT) Announces Quarterly Earnings Results

Applied Industrial Technologies (NYSE:AIT) announced its quarterly earnings data on Thursday. The industrial products company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.40 by $0.08, Briefing.com reports. The company had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. Applied Industrial Technologies’s quarterly revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.38 EPS. 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 NYSE:AIT traded up $0.14 during trading on Friday, hitting $179.08. The stock had a trading volume of 140,663 shares, compared to its average volume of 334,727. Applied Industrial Technologies has a 12-month low of $122.24 and a 12-month high of $201.76. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36. The stock has a 50-day simple moving average of $190.03 and a two-hundred day simple moving average of $175.31.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 15th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction of $364,680.00. Following the sale, 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 can be accessed through this hyperlink. 2.20% of the stock is owned by corporate insiders.

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.