Applied Industrial Technologies (AIT) Set to Announce Quarterly Earnings on Thursday

Applied Industrial Technologies (NYSE:AIT) is scheduled to issue 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.Individual that wish to listen to the company’s earnings conference call can do so using this link.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.11 by $0.13. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $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 Down 1.9 %

Shares of AIT opened at $184.27 on Thursday. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 2.00 and a beta of 1.08. The company has a 50-day moving average price of $190.32 and a two-hundred day moving average price of $174.24. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies Increases Dividend

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

Analyst Ratings Changes

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

Insiders Place Their Bets

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 shares were 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 of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIT. Raymond James & Associates raised its position in shares of Applied Industrial Technologies by 13.1% during the first quarter. Raymond James & Associates now owns 14,939 shares of the industrial products company’s stock worth $1,534,000 after acquiring an additional 1,726 shares during the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Applied Industrial Technologies during the 1st quarter valued at about $271,000. Citigroup Inc. boosted its stake in Applied Industrial Technologies by 3.4% in the first quarter. Citigroup Inc. now owns 38,917 shares of the industrial products company’s stock valued at $3,995,000 after acquiring an additional 1,262 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Applied Industrial Technologies by 35.6% in the 1st quarter. Bank of Montreal Can now owns 16,704 shares of the industrial products company’s stock worth $1,702,000 after purchasing an additional 4,388 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in Applied Industrial Technologies by 53.9% during the first quarter. MetLife Investment Management LLC now owns 20,446 shares of the industrial products company’s stock worth $2,099,000 after buying an additional 7,164 shares during the last quarter. Institutional investors and hedge funds own 93.52% of the company’s stock.

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.