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

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

NYSE AIT traded up $1.95 during trading on Friday, hitting $180.89. The stock had a trading volume of 448,122 shares, compared to its average volume of 245,005. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.59 and a current ratio of 3.77. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.08. Applied Industrial Technologies has a one year low of $122.24 and a one year high of $201.76. The stock has a 50 day simple moving average of $189.87 and a 200 day simple moving average of $175.46.

Applied Industrial Technologies Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is 15.51%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. KeyCorp raised 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. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies has an average rating of “Buy” and a consensus target price of $201.00.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the sale, the vice president now owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by 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.