Applied Industrial Technologies (NYSE:AIT) Updates FY 2024 Earnings Guidance

Applied Industrial Technologies (NYSE:AIT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 9.550-9.700 for the period, compared to the consensus earnings per share estimate of 9.660. The company issued revenue guidance of $4.5 billion-$4.5 billion, compared to the consensus revenue estimate of $4.5 billion. Applied Industrial Technologies also updated its FY24 guidance to $9.55-$9.70 EPS.

Applied Industrial Technologies Stock Performance

Shares of AIT traded up $1.95 during mid-day trading on Friday, reaching $180.89. The company’s stock had a trading volume of 448,122 shares, compared to its average volume of 245,005. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76. The stock has a market cap of $7.00 billion, a P/E ratio of 18.96, a PEG ratio of 1.89 and a beta of 1.08. The business has a 50-day simple moving average of $189.87 and a two-hundred day simple moving average of $175.59. The company has a current ratio of 3.77, a quick ratio of 2.59 and a debt-to-equity ratio of 0.34.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The company had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the firm posted $2.38 earnings per share. The business’s revenue was down 2.8% on a year-over-year basis. As a group, equities research analysts anticipate that Applied Industrial Technologies will post 9.6 earnings per share for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be given a $0.37 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.82%. Applied Industrial Technologies’s payout ratio is 15.51%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on AIT shares. KeyCorp raised their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Oppenheimer initiated coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an outperform rating and a $235.00 target price on the stock. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $201.00.

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction of $364,680.00. Following the transaction, the vice president now owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by corporate insiders.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. 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.