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Applied Industrial Technologies (NYSE:AIT - Get Rating) posted its quarterly earnings data on Thursday. The industrial products company reported $2.02 EPS for the quarter, beating the consensus estimate of $1.66 by $0.36, Briefing.com reports. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $977.43 million. Applied Industrial Technologies had a net margin of 6.52% and a return on equity of 23.58%. The business's revenue for the quarter was up 18.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.51 earnings per share. Applied Industrial Technologies updated its FY23 guidance to $6.65-7.30 EPS.Applied Industrial Technologies Stock Performance

NYSE:AIT traded down $5.03 during midday trading on Friday, reaching $113.86. The stock had a trading volume of 2,799 shares, compared to its average volume of 138,684. The firm has a fifty day simple moving average of $97.44 and a two-hundred day simple moving average of $99.62. Applied Industrial Technologies has a 12-month low of $80.93 and a 12-month high of $121.20. The company has a quick ratio of 1.87, a current ratio of 2.79 and a debt-to-equity ratio of 0.62. The stock has a market cap of $4.38 billion, a P/E ratio of 19.30 and a beta of 1.22. Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 31st. Investors of record on Monday, August 15th will be given a $0.34 dividend. The ex-dividend date is Friday, August 12th. This represents a $1.36 dividend on an annualized basis and a yield of 1.19%. Applied Industrial Technologies's dividend payout ratio (DPR) is 22.37%. Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. StockNews.com raised shares of Applied Industrial Technologies from a "buy" rating to a "strong-buy" rating in a report on Thursday. Robert W. Baird cut shares of Applied Industrial Technologies from an "outperform" rating to a "neutral" rating and lifted their target price for the company from $115.00 to $129.00 in a report on Friday. Finally, KeyCorp lifted their target price on shares of Applied Industrial Technologies from $120.00 to $140.00 and gave the company an "overweight" rating in a report on Friday.Insiders Place Their Bets

In other Applied Industrial Technologies news, Director Peter C. Wallace sold 5,000 shares of the business's stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $108.47, for a total transaction of $542,350.00. Following the sale, the director now directly owns 19,357 shares in the company, valued at approximately $2,099,653.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Neil A. Schrimsher sold 13,488 shares of Applied Industrial Technologies stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $108.20, for a total transaction of $1,459,401.60. Following the completion of the transaction, the chief executive officer now owns 274,213 shares of the company's stock, valued at approximately $29,669,846.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter C. Wallace sold 5,000 shares of Applied Industrial Technologies stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $108.47, for a total value of $542,350.00. Following the transaction, the director now directly owns 19,357 shares of the company's stock, valued at approximately $2,099,653.79. The disclosure for this sale can be found here. Insiders own 2.40% of the company's stock. Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. UBS Group AG raised its stake in Applied Industrial Technologies by 25.9% in the 2nd quarter. UBS Group AG now owns 2,293 shares of the industrial products company's stock valued at $221,000 after purchasing an additional 472 shares during the last quarter. Neuberger Berman Group LLC acquired a new position in Applied Industrial Technologies in the 1st quarter valued at about $223,000. Zebra Capital Management LLC acquired a new position in Applied Industrial Technologies in the 1st quarter valued at about $474,000. Jane Street Group LLC acquired a new position in Applied Industrial Technologies in the 1st quarter valued at about $372,000. Finally, Lido Advisors LLC acquired a new position in Applied Industrial Technologies in the 1st quarter valued at about $396,000. Institutional investors and hedge funds own 92.88% of the company's stock. About Applied Industrial Technologies (Get Rating)

Applied Industrial Technologies, Inc distributes industrial products 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, 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, 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)Institutions And Analysts Propel Jack In The Box Higher Can You Guess Which EV Stock Is Beating Tesla ?Look at Honeywell for a Steady and Diversified StockWhy Invest in High-Yield Dividend Stocks?Find and Profitably Trade Stocks at 52-Week Lows

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