Applied Industrial Technologies (AIT) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Applied Industrial Technologies (NYSE:AIT) posted its quarterly earnings results on Wednesday. The industrial products company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01, MarketWatch Earnings reports. Applied Industrial Technologies had a return on equity of 16.53% and a net margin of 5.43%. The firm had revenue of $827.67 million during the quarter, compared to analysts’ expectations of $803.23 million. During the same quarter last year, the firm earned $0.75 earnings per share. The business’s revenue for the quarter was up 21.8% on a year-over-year basis.

AIT stock traded down $6.80 during midday trading on Thursday, hitting $64.35. 277,181 shares of the company’s stock were exchanged, compared to its average volume of 237,469. The company has a quick ratio of 1.90, a current ratio of 3.33 and a debt-to-equity ratio of 0.39. The stock has a market cap of $2,734.30, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 1.76 and a beta of 0.92. Applied Industrial Technologies has a 1-year low of $54.00 and a 1-year high of $75.40.

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The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 31st. Shareholders of record on Tuesday, May 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.86%. Applied Industrial Technologies’s dividend payout ratio (DPR) is 42.25%.

AIT has been the subject of several recent research reports. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a report on Tuesday, January 23rd. ValuEngine raised Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Wellington Shields raised Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research note on Wednesday, December 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $70.50.

In other news, Director Green Edith Kelly sold 6,873 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $74.41, for a total value of $511,419.93. Following the completion of the sale, the director now directly owns 24,230 shares of the company’s stock, valued at $1,802,954.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Todd A. Barlett sold 3,800 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $75.00, for a total value of $285,000.00. Following the completion of the sale, the vice president now directly owns 90,155 shares of the company’s stock, valued at $6,761,625. The disclosure for this sale can be found here. 3.70% of the stock is owned by company insiders.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in the United States, Puerto Rico, Canada, Mexico, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center-Based Distribution and Fluid Power Businesses.

Earnings History for Applied Industrial Technologies (NYSE:AIT)

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