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

Applied Industrial Technologies (NYSE:AIT) announced its quarterly earnings results on Thursday. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08, Briefing.com reports. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the prior year, the company earned $2.38 EPS. The firm’s revenue was down 2.8% on a year-over-year basis. 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 Up 0.4 %

Shares of Applied Industrial Technologies stock traded up $0.64 during trading on Friday, reaching $179.58. The company had a trading volume of 195,940 shares, compared to its average volume of 335,355. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. Applied Industrial Technologies has a fifty-two week low of $122.24 and a fifty-two week high of $201.76. The firm’s fifty day moving average is $190.03 and its 200-day moving average is $175.31. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74.

Applied Industrial Technologies Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a $0.37 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

Analyst Ratings Changes

AIT has been the subject of a number of research reports. Oppenheimer began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target for the company. KeyCorp boosted their price objective on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $201.00.

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction dated Friday, February 2nd. The shares were 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 in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.20% of the stock is owned by company 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.