Applied Industrial Technologies (NYSE:AIT) Posts Earnings Results, Beats Expectations By $0.34 EPS – MarketBeat

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Applied Industrial Technologies (NYSE:AIT – Get Rating) posted its quarterly earnings results on Thursday. The industrial products company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.34, Briefing.com reports. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $988.51 million. Applied Industrial Technologies had a net margin of 6.76% and a return on equity of 24.25%. The firm’s revenue for the quarter was up 19.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.36 earnings per share. Applied Industrial Technologies updated its FY23 guidance to $6.90-7.55 EPS and its FY 2023 guidance to $6.90-$7.55 EPS.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT traded up $2.81 during midday trading on Friday, reaching $123.98. The stock had a trading volume of 1,906 shares, compared to its average volume of 189,052. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 18.67 and a beta of 1.13. The stock has a 50-day moving average of $107.76 and a 200-day moving average of $102.95. Applied Industrial Technologies has a 12-month low of $88.09 and a 12-month high of $124.96. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 2.72.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th will be paid a $0.34 dividend. The ex-dividend date is Monday, November 14th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 1.10%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 20.64%.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Vincent K. Petrella sold 3,114 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the transaction, the director now owns 18,666 shares in the company, valued at $2,142,110.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Vincent K. Petrella sold 3,114 shares of the firm’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $114.76, for a total value of $357,362.64. Following the completion of the sale, the director now owns 18,666 shares in the company, valued at approximately $2,142,110.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Kurt W. Loring sold 7,146 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $112.66, for a total transaction of $805,068.36. Following the completion of the sale, the vice president now owns 24,632 shares of the company’s stock, valued at approximately $2,775,041.12. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AIT. BlackRock Inc. grew its position in shares of Applied Industrial Technologies by 7.0% in the 1st quarter. BlackRock Inc. now owns 7,001,286 shares of the industrial products company’s stock worth $718,751,000 after buying an additional 459,302 shares during the last quarter. Millennium Management LLC boosted its stake in Applied Industrial Technologies by 4,394.2% in the 2nd quarter. Millennium Management LLC now owns 154,781 shares of the industrial products company’s stock worth $14,885,000 after purchasing an additional 151,337 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Applied Industrial Technologies by 150.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 165,170 shares of the industrial products company’s stock worth $15,884,000 after purchasing an additional 99,346 shares in the last quarter. Loomis Sayles & Co. L P acquired a new stake in Applied Industrial Technologies in the 1st quarter worth approximately $8,537,000. Finally, State Street Corp lifted its stake in Applied Industrial Technologies by 3.7% during the 1st quarter. State Street Corp now owns 1,359,830 shares of the industrial products company’s stock valued at $139,600,000 after acquiring an additional 48,469 shares during the period. Hedge funds and other institutional investors own 93.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. KeyCorp boosted their price target on shares of Applied Industrial Technologies from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Friday. StockNews.com assumed coverage on shares of Applied Industrial Technologies in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. Finally, Robert W. Baird cut shares of Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and upped their target price for the company from $115.00 to $129.00 in a report on Friday, August 12th.

Applied Industrial Technologies Company Profile

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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. 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.

Earnings History for Applied Industrial Technologies (NYSE:AIT)
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