Applied Industrial Technologies (NYSE:AIT) Releases Quarterly Earnings Results, Beats Expectations By $0.08 EPS

Applied Industrial Technologies (NYSE:AIT) released its quarterly earnings data on Thursday. The industrial products company reported $2.48 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. During the same period in the prior year, the company posted $2.38 EPS. The company’s revenue 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 Trading Up 1.1 %

NYSE:AIT traded up $1.95 during trading hours on Friday, hitting $180.89. 448,122 shares of the stock were exchanged, compared to its average volume of 245,005. The company’s 50 day moving average is $189.87 and its two-hundred day moving average is $175.46. Applied Industrial Technologies has a twelve month low of $122.24 and a twelve month high of $201.76. The company has a quick ratio of 2.59, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The company 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.

Applied Industrial Technologies Dividend Announcement

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 is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is currently 15.51%.

Analysts Set New Price Targets

AIT has been the topic of several analyst reports. Oppenheimer initiated coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective on the stock. KeyCorp boosted their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $201.00.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 2.20% of the company’s stock.

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.