Applied Industrial Technologies (AIT) to Release Quarterly Earnings on Thursday

Applied Industrial Technologies (NYSE:AIT – Get Rating) is set to post its quarterly earnings results before the market opens on Thursday, January 26th. Analysts expect Applied Industrial Technologies to post earnings of $1.71 per share for the quarter. Applied Industrial Technologies has set its FY23 guidance at $6.90-7.55 EPS and its FY 2023 guidance at $6.90-$7.55 EPS.Individual interested in registering for the company’s earnings conference call can do so using this link.

Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its earnings results on Thursday, October 27th. The industrial products company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $0.33. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $988.51 million. Applied Industrial Technologies had a return on equity of 25.06% and a net margin of 7.07%. The firm’s quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the company earned $1.36 EPS. On average, analysts expect Applied Industrial Technologies to post $8 EPS for the current fiscal year and $8 EPS for the next fiscal year.

Applied Industrial Technologies Price Performance

NYSE AIT traded up $0.19 during trading on Tuesday, hitting $122.28. 118,093 shares of the stock traded hands, compared to its average volume of 175,773. The company has a market capitalization of $4.72 billion, a P/E ratio of 16.98 and a beta of 1.18. The firm has a 50-day simple moving average of $126.37 and a 200-day simple moving average of $114.67. The company has a quick ratio of 2.00, a current ratio of 3.08 and a debt-to-equity ratio of 0.53. Applied Industrial Technologies has a 12-month low of $88.09 and a 12-month high of $133.74.

Applied Industrial Technologies Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Shareholders of record on Tuesday, November 15th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a yield of 1.11%. The ex-dividend date was Monday, November 14th. Applied Industrial Technologies’s dividend payout ratio is presently 18.89%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on AIT shares. KeyCorp raised their price target on Applied Industrial Technologies from $130.00 to $138.00 and gave the company an “overweight” rating in a report on Friday, October 28th. StockNews.com started coverage on Applied Industrial Technologies in a report on Wednesday, October 12th. They set a “buy” rating for the company. Finally, Robert W. Baird raised their price target on Applied Industrial Technologies from $137.00 to $138.00 and gave the company a “neutral” rating in a report on Tuesday.

Hedge Funds Weigh In On Applied Industrial Technologies

A number of institutional investors and hedge funds have recently modified their holdings of AIT. Federated Hermes Inc. boosted its holdings in shares of Applied Industrial Technologies by 54.9% in the 3rd quarter. Federated Hermes Inc. now owns 553 shares of the industrial products company’s stock worth $57,000 after purchasing an additional 196 shares during the period. UBS Group AG boosted its holdings in shares of Applied Industrial Technologies by 18.3% in the 1st quarter. UBS Group AG now owns 1,821 shares of the industrial products company’s stock worth $187,000 after purchasing an additional 282 shares during the period. Point72 Hong Kong Ltd boosted its holdings in shares of Applied Industrial Technologies by 106.3% in the 1st quarter. Point72 Hong Kong Ltd now owns 1,877 shares of the industrial products company’s stock worth $193,000 after purchasing an additional 967 shares during the period. Neuberger Berman Group LLC purchased a new position in shares of Applied Industrial Technologies in the 1st quarter worth approximately $223,000. Finally, Ancora Advisors LLC boosted its holdings in shares of Applied Industrial Technologies by 21.1% in the 1st quarter. Ancora Advisors LLC now owns 2,875 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 500 shares during the period. Hedge funds and other institutional investors own 92.02% of the company’s stock.

About Applied Industrial Technologies

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Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.