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

Applied Industrial Technologies (NYSE:AIT) updated its FY 2024 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

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

Applied Industrial Technologies Stock Up 1.1 %

NYSE AIT traded up $1.95 on Friday, hitting $180.89. The stock had a trading volume of 395,452 shares, compared to its average volume of 338,668. The business’s fifty day moving average price is $189.87 and its 200 day moving average price is $175.46. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth 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. 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 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the previous year, the business earned $2.38 EPS. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts anticipate that Applied Industrial Technologies will post 9.5 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend is Tuesday, May 14th. Applied Industrial Technologies’s payout ratio is currently 15.53%.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.20% of the stock is owned by insiders.

About Applied Industrial Technologies

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.