Applied Industrial Technologies (AIT) Posts Earnings Results, Beats Expectations By $0.12 EPS

Applied Industrial Technologies (NYSE:AIT) released its quarterly earnings results on Wednesday. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.12 by $0.12, MarketWatch Earnings reports. Applied Industrial Technologies had a net margin of 4.61% and a return on equity of 18.34%. The business had revenue of $864.50 million for the quarter, compared to analyst estimates of $874.74 million. During the same quarter in the previous year, the business earned $0.86 earnings per share. The firm’s revenue was up 27.0% compared to the same quarter last year. Applied Industrial Technologies updated its FY 2019 guidance to $4.65-4.85 EPS and its FY19 guidance to $4.55-4.75 EPS.

Shares of AIT stock traded up $2.22 during trading hours on Thursday, reaching $67.95. 4,046 shares of the stock traded hands, compared to its average volume of 169,538. Applied Industrial Technologies has a 1-year low of $59.65 and a 1-year high of $82.35. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.45 and a quick ratio of 1.47. The firm has a market capitalization of $2.63 billion, a P/E ratio of 18.15, a P/E/G ratio of 1.22 and a beta of 0.87.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Stockholders of record on Thursday, November 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.77%. Applied Industrial Technologies’s dividend payout ratio is currently 32.09%.

In other Applied Industrial Technologies news, Director L Thomas Hiltz sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $77.15, for a total value of $964,375.00. Following the transaction, the director now owns 1,544 shares in the company, valued at approximately $119,119.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 3.10% of the stock is owned by insiders.

A number of research firms have recently issued reports on AIT. ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Friday, October 12th. Zacks Investment Research lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Northcoast Research restated a “neutral” rating on shares of Applied Industrial Technologies in a report on Friday, August 10th. Wellington Shields upgraded shares of Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a report on Monday, August 13th. Finally, Wells Fargo & Co boosted their price target on shares of Applied Industrial Technologies from $73.00 to $80.00 and gave the company a “hold” rating in a report on Monday, August 13th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $81.50.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, 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 and Flow Control.

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Earnings History for Applied Industrial Technologies (NYSE:AIT)

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