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

Applied Industrial Technologies (NYSE:AIT) issued its quarterly earnings results on Thursday. The industrial products company reported $2.48 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.08, Briefing.com reports. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The company’s revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.38 EPS. 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 Price Performance

Shares of AIT traded up $1.95 during trading hours on Friday, reaching $180.89. 448,122 shares of the stock traded hands, compared to its average volume of 245,005. The company has a current ratio of 3.77, a quick ratio of 2.59 and a debt-to-equity ratio of 0.34. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76. The company’s 50-day moving average price is $189.87 and its two-hundred day moving average price is $175.46. The company has a market cap of $7.00 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 1.87 and a beta of 1.08.

Applied Industrial Technologies Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 15.51%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on AIT shares. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $201.00.

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.20% of the stock is owned by corporate 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.