Applied Industrial Technologies (AIT) to Release Quarterly Earnings on Thursday

Applied Industrial Technologies (NYSE:AIT) is scheduled to be announcing its earnings results before the market opens on Thursday, April 25th. Analysts expect the company to announce earnings of $2.40 per share for the quarter. Applied Industrial Technologies has set its FY24 guidance at $9.35-9.70 EPS.Individual interested in listening to the company’s earnings conference call can do so using this link.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the firm posted $2.05 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts expect Applied Industrial Technologies to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.

Applied Industrial Technologies Stock Up 1.5 %

Shares of AIT stock opened at $186.31 on Wednesday. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76. The company has a market cap of $7.20 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 1.93 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The stock’s fifty day moving average price is $190.24 and its 200 day moving average price is $175.21.

Applied Industrial Technologies Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 0.79%. The ex-dividend date was Wednesday, February 14th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.35. Applied Industrial Technologies’s payout ratio is currently 15.53%.

Insider Activity

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction dated 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 approximately $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

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