Applied Industrial Technologies (NYSE:AIT) Releases FY24 Earnings Guidance

Applied Industrial Technologies (NYSE:AIT) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $9.55-$9.70 for the period, compared to the consensus estimate of $9.55. The company issued revenue guidance of $4.479-$4.523 billion, compared to the consensus revenue estimate of $4.50 billion. Applied Industrial Technologies also updated its FY 2024 guidance to 9.550-9.700 EPS.

Analyst Ratings Changes

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

Applied Industrial Technologies Stock Up 1.1 %

Applied Industrial Technologies stock traded up $1.95 during trading hours on Friday, reaching $180.89. The stock had a trading volume of 395,452 shares, compared to its average volume of 338,668. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The business’s 50 day moving average price is $190.03 and its 200-day moving average price is $175.31. Applied Industrial Technologies has a 52 week low of $122.24 and a 52 week high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.13 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $2.38 earnings per share. Sell-side analysts anticipate that Applied Industrial Technologies will post 9.5 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Wednesday, May 15th will be paid a dividend of $0.37 per share. 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 15.53%.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction of $364,680.00. Following the sale, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.20% of the company’s stock.

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.