Applied Industrial Technologies (AIT) to Release Earnings on Thursday

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

Applied Industrial Technologies (NYSE:AIT) last released 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. 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 analysts’ expectations of $1.06 billion. During the same period last year, the business earned $2.05 earnings per share. The firm’s 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 Performance

NYSE AIT opened at $183.58 on Tuesday. The firm’s fifty day moving average price is $190.16 and its two-hundred day moving average price is $174.99. Applied Industrial Technologies has a 1 year low of $122.24 and a 1 year high of $201.76. The firm has a market capitalization of $7.10 billion, a P/E ratio of 19.26, a price-to-earnings-growth ratio of 1.93 and a beta of 1.08. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.81%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, February 14th. Applied Industrial Technologies’s dividend payout ratio is presently 15.53%.

Analysts Set New Price Targets

Several research firms have issued reports on AIT. Oppenheimer assumed coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective on the stock. KeyCorp raised 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 investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies has a consensus rating of “Buy” and a consensus price target of $201.00.

Insider Activity at Applied Industrial Technologies

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 stock was 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently 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.