Applied Industrial Technologies (AIT) to Release Earnings on Thursday

Applied Industrial Technologies (NYSE:AIT) is set to post its quarterly 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.Investors that wish to register for the company’s conference call can do so using this link.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.11 by $0.13. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The business’s revenue was up 1.6% compared to the same quarter last year. During the same period last year, the company earned $2.05 earnings per share. 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 Performance

AIT opened at $183.58 on Tuesday. 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 company has a market cap of $7.10 billion, a PE ratio of 19.26, a price-to-earnings-growth ratio of 1.93 and a beta of 1.08. The stock has a 50-day moving average of $190.16 and a 200-day moving average of $174.99. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76.

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. The ex-dividend date was Wednesday, February 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.81%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. Applied Industrial Technologies’s dividend payout ratio is presently 15.53%.

Insider Buying and Selling

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the 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 of the company’s stock, valued at approximately $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

AIT has been the subject of a number of analyst reports. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective for the company. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target 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.