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 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.

Applied Industrial Technologies Stock Up 1.1 %

Shares of NYSE AIT traded up $1.95 during trading hours on Friday, hitting $180.89. The stock had a trading volume of 395,452 shares, compared to its average volume of 338,668. The firm’s 50-day moving average price is $189.87 and its two-hundred day moving average price is $175.46. The company has a market capitalization of $7.00 billion, a P/E ratio of 18.98, a P/E/G ratio of 1.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74. 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 released its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $2.38 EPS. Analysts anticipate that Applied Industrial Technologies will post 9.5 EPS 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 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 dividend payout ratio is 15.53%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AIT shares. KeyCorp raised their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. Oppenheimer started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an outperform rating and a $235.00 price objective on the stock. 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 target price of $201.00.

Insiders Place Their Bets

In related news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies 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 completion of the sale, the vice president now owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is owned by 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.