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

Applied Industrial Technologies (NYSE:AIT - Get Free Report) 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. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The firm 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 EPS. The company's quarterly revenue 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 Trading Up 1.1 %

Shares of AIT stock traded up $1.95 on Friday, reaching $180.89. 395,452 shares of the stock were exchanged, compared to its average volume of 338,668. The stock has a market cap of $7.00 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average of $190.03 and a two-hundred day moving average of $175.31. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76.

Applied Industrial Technologies Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. Applied Industrial Technologies's payout ratio is 15.53%.

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 on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Oppenheimer assumed coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an "outperform" rating and a $235.00 price target for the company. KeyCorp boosted 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 analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies has an average rating of "Buy" and an average target price of $201.00.

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.