Applied Industrial Technologies (AIT) to Release Earnings on Thursday

Applied Industrial Technologies (NYSE:AIT) will be issuing its quarterly earnings data 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.Persons that are interested in registering for the company’s earnings 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 EPS for the quarter, beating the consensus estimate of $2.11 by $0.13. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $2.05 EPS. 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 Down 1.9 %

Shares of NYSE:AIT opened at $184.27 on Thursday. The firm has a market cap of $7.13 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. The company has a fifty day simple moving average of $190.32 and a 200 day simple moving average of $174.24. 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 has a 12-month low of $122.24 and a 12-month high of $201.76.

Applied Industrial Technologies Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 29th. Shareholders of record on Thursday, February 15th were issued a dividend of $0.37 per share. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 0.80%. The ex-dividend date was Wednesday, February 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is currently 15.53%.

Analysts Set New Price Targets

A number of research firms recently commented on AIT. KeyCorp lifted their price target on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Oppenheimer initiated coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 target price for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and a consensus target price of $201.00.

Insider Activity at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Applied Industrial Technologies by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 21,146 shares of the industrial products company’s stock valued at $3,652,000 after purchasing an additional 626 shares during the period. Public Employees Retirement System of Ohio raised its stake in Applied Industrial Technologies by 380.6% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,278 shares of the industrial products company’s stock valued at $393,000 after acquiring an additional 1,804 shares in the last quarter. GTS Securities LLC acquired a new position in Applied Industrial Technologies during the 4th quarter worth $207,000. Mercer Global Advisors Inc. ADV grew its stake in shares of Applied Industrial Technologies by 22.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 3,051 shares of the industrial products company’s stock worth $527,000 after purchasing an additional 555 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of Applied Industrial Technologies by 2.5% in the fourth quarter. Legal & General Group Plc now owns 139,339 shares of the industrial products company’s stock worth $24,062,000 after purchasing an additional 3,379 shares in the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.