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Applied Industrial Technologies (NYSE:AIT - Get Rating) updated its FY 2023 earnings guidance on Friday. The company provided earnings per share guidance of $6.65-$7.30 for the period, compared to the consensus earnings per share estimate of $6.61. The company issued revenue guidance of $3.92 billion-$4.08 billion, compared to the consensus revenue estimate of $3.92 billion. Wall Street Analysts Forecast Growth
Several research firms have weighed in on AIT. StockNews.com upgraded Applied Industrial Technologies from a buy rating to a strong-buy rating in a report on Wednesday. KeyCorp boosted their price target on Applied Industrial Technologies from $120.00 to $140.00 and gave the company an overweight rating in a report on Friday, August 12th. Finally, Robert W. Baird lowered Applied Industrial Technologies from an outperform rating to a neutral rating and boosted their price target for the company from $115.00 to $129.00 in a report on Friday, August 12th.Applied Industrial Technologies Price Performance
Shares of NYSE AIT opened at $112.99 on Friday. Applied Industrial Technologies has a twelve month low of $80.93 and a twelve month high of $121.20. The business's 50 day moving average price is $99.72 and its two-hundred day moving average price is $100.68. The company has a quick ratio of 1.82, a current ratio of 2.72 and a debt-to-equity ratio of 0.56. The company has a market cap of $4.35 billion, a PE ratio of 17.15 and a beta of 1.22.
Applied Industrial Technologies (NYSE:AIT - Get Rating) last released its earnings results on Thursday, August 11th. The industrial products company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.36. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $977.43 million. During the same period in the prior year, the company earned $1.51 earnings per share. The company's quarterly revenue was up 18.5% on a year-over-year basis. On average, analysts predict that Applied Industrial Technologies will post 7.3 EPS for the current year. Applied Industrial Technologies Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 31st. Shareholders of record on Monday, August 15th will be issued a dividend of $0.34 per share. The ex-dividend date is Friday, August 12th. This represents a $1.36 dividend on an annualized basis and a yield of 1.20%. Applied Industrial Technologies's payout ratio is currently 20.64%. Insiders Place Their Bets
In other news, Director Vincent K. Petrella sold 3,114 shares of the stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $114.76, for a total transaction of $357,362.64. Following the transaction, the director now owns 18,666 shares of the company's stock, valued at approximately $2,142,110.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.40% of the company's stock. Hedge Funds Weigh In On Applied Industrial Technologies
Several hedge funds have recently modified their holdings of the company. Captrust Financial Advisors increased its stake in shares of Applied Industrial Technologies by 2.9% during the 2nd quarter. Captrust Financial Advisors now owns 3,404 shares of the industrial products company's stock worth $327,000 after purchasing an additional 97 shares during the last quarter. Legal & General Group Plc grew its stake in Applied Industrial Technologies by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 111,707 shares of the industrial products company's stock valued at $10,743,000 after buying an additional 511 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $2,309,000. Goldman Sachs Group Inc. grew 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 valued at $15,884,000 after buying an additional 99,346 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Applied Industrial Technologies by 157.5% in the 2nd quarter. Jane Street Group LLC now owns 9,328 shares of the industrial products company's stock valued at $897,000 after buying an additional 5,705 shares in the last quarter. Institutional investors own 92.88% of the company's stock. About Applied Industrial Technologies (Get Rating)
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.Read MoreGet a free copy of the StockNews.com research report on Applied Industrial Technologies (AIT)Should AbbVie Inc. Have a Place in Your Dividend Portfolio? Is PayPal A Buy After Post-Earnings Price Jump? Williams-Sonoma’s High-End Consumers Are Still Spending Snowflake Stock Soars On Strong ResultsShockWave Stuns With 40% Post-Earnings Price Move: Is It A Buy?
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