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

Applied Industrial Technologies (NYSE:AIT) released its earnings results on Thursday. The industrial products company reported $2.48 EPS for the quarter, beating the consensus estimate of $2.40 by $0.08, Briefing.com reports. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior 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 1.1 %

Shares of NYSE AIT traded up $1.95 on Friday, hitting $180.89. The company had a trading volume of 448,122 shares, compared to its average volume of 245,005. Applied Industrial Technologies has a 12-month low of $122.24 and a 12-month high of $201.76. The business has a 50 day moving average of $189.87 and a two-hundred day moving average of $175.46. The company has a quick ratio of 2.59, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $7.00 billion, a P/E ratio of 18.96, a PEG ratio of 1.87 and a beta of 1.08.

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 given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is 15.51%.

Analyst Ratings Changes

Several equities analysts recently commented on AIT shares. KeyCorp upped their target price 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 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $201.00.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the company’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 completion of the sale, the vice president now owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Company Profile

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.