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

Applied Industrial Technologies (NYSE:AIT) posted 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 business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. Applied Industrial Technologies’s revenue for the quarter 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 Stock Up 0.4 %

Shares of AIT stock traded up $0.64 during trading hours on Friday, hitting $179.58. 195,940 shares of the company were exchanged, compared to its average volume of 335,355. The company has a market capitalization of $6.94 billion, a PE ratio of 18.69, a PEG ratio of 1.96 and a beta of 1.08. Applied Industrial Technologies has a 52 week low of $122.24 and a 52 week high of $201.76. The business has a 50 day moving average of $190.03 and a two-hundred day moving average of $175.31. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies Announces Dividend

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

Insiders Place Their Bets

In other news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value 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 filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AIT. KeyCorp increased their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer began coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $201.00.

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.