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

Applied Industrial Technologies (NYSE:AIT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $9.55-$9.70 for the period, compared to the consensus EPS 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.

Applied Industrial Technologies Stock Up 1.1 %

Shares of NYSE:AIT traded up $1.95 during mid-day trading on Friday, hitting $180.89. 448,122 shares of the company traded hands, compared to its average volume of 245,005. The firm has a market cap of $7.00 billion, a P/E ratio of 18.96, a PEG ratio of 1.87 and a beta of 1.08. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.59 and a current ratio of 3.77. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76. The firm’s 50 day simple moving average is $189.87 and its 200 day simple moving average is $175.46.

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, beating the consensus estimate of $2.40 by $0.08. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The company’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the business posted $2.38 EPS. On average, equities analysts anticipate that Applied Industrial Technologies will post 9.55 EPS for the current year.

Applied Industrial Technologies Dividend Announcement

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

Analysts Set New Price Targets

AIT has been the topic of several analyst reports. Oppenheimer initiated coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an outperform rating and a $235.00 price objective on the stock. KeyCorp lifted their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Applied Industrial Technologies has an average rating of Buy and an average price target of $201.00.

Insider Activity

In other news, VP Warren E. Hoffner III sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company 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.