Applied Industrial Technologies (NYSE:AIT) Releases Quarterly Earnings Results, Misses Expectations By $0.17 EPS

Applied Industrial Technologies (NYSE:AIT) announced its quarterly earnings results on Wednesday. The industrial products company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.19 by ($0.17), Bloomberg Earnings reports. Applied Industrial Technologies had a return on equity of 19.53% and a net margin of 4.15%. The business had revenue of $882.70 million during the quarter, compared to analysts’ expectations of $919.72 million. During the same period in the previous year, the company posted $1.03 EPS. Applied Industrial Technologies’s revenue for the quarter was down 1.7% on a year-over-year basis. Applied Industrial Technologies updated its FY 2020 guidance to $4.20-4.50 EPS and its FY20 guidance to $4.20-4.50 EPS.

NYSE AIT opened at $53.20 on Friday. The company has a quick ratio of 1.61, a current ratio of 2.71 and a debt-to-equity ratio of 1.01. The firm has a market cap of $2.05 billion, a PE ratio of 12.06 and a beta of 1.31. The company has a 50 day moving average price of $58.55 and a 200 day moving average price of $58.32. Applied Industrial Technologies has a 52 week low of $49.45 and a 52 week high of $82.35.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $1.24 annualized dividend and a dividend yield of 2.33%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 28.12%.

AIT has been the subject of several research reports. ValuEngine raised shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Wells Fargo & Co lowered their price target on shares of Applied Industrial Technologies from $60.00 to $55.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, KeyCorp reaffirmed an “overweight” rating and issued a $65.00 price target (down previously from $70.00) on shares of Applied Industrial Technologies in a research report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $63.33.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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Earnings History for Applied Industrial Technologies (NYSE:AIT)

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