Applied Industrial Technologies (NYSE:AIT) Posts Quarterly Earnings Results, Beats Estimates 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, topping the consensus estimate of $2.40 by $0.08, Briefing.com reports. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.13 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $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 0.1 %

Shares of NYSE AIT traded up $0.14 during mid-day trading on Friday, reaching $179.08. The company had a trading volume of 140,663 shares, compared to its average volume of 334,727. Applied Industrial Technologies has a twelve month low of $122.24 and a twelve month high of $201.76. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74. The stock has a market capitalization of $6.93 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The stock’s 50 day moving average is $190.03 and its 200-day moving average is $175.31.

Applied Industrial Technologies Dividend Announcement

The business also recently declared 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. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

Insider Transactions at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction 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 completion of 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 Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Oppenheimer assumed coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. KeyCorp upped their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price 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.