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

Applied Industrial Technologies (NYSE:AIT) posted its earnings results on Thursday. The industrial products company reported $2.48 EPS for the quarter, topping the consensus estimate of $2.40 by $0.08, Briefing.com reports. The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. Applied Industrial Technologies’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the company earned $2.38 earnings per share. 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 0.6 %

NYSE:AIT traded up $1.10 during midday trading on Friday, reaching $180.04. The company had a trading volume of 207,039 shares, compared to its average volume of 335,560. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 1.96 and a beta of 1.08. The stock’s fifty day simple moving average is $190.03 and its 200-day simple moving average is $175.31. Applied Industrial Technologies has a 12-month low of $122.24 and a 12-month high of $201.76. 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 announced 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. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.82%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

Analyst Ratings Changes

A number of equities analysts recently commented on AIT shares. Oppenheimer started coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. KeyCorp raised their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average 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 stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the transaction, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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.