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

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

Applied Industrial Technologies Price Performance

Shares of NYSE:AIT traded up $1.95 during midday 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 fifty-two week low of $122.24 and a fifty-two week high of $201.76. The company has a market capitalization of $7.00 billion, a P/E ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.08. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.77 and a quick ratio of 2.59. The business’s fifty day simple moving average is $189.87 and its 200-day simple moving average is $175.46.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.08. The business had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $2.38 earnings per share. As a group, equities research analysts expect that Applied Industrial Technologies will post 9.55 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Insider Activity 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 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 transaction, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the SEC, which is available through this link. 2.20% of the stock is owned by company 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.