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 guidance of $9.55-$9.70 for the period, compared to the consensus earnings per share 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 equities analysts have commented on the stock. KeyCorp lifted their target price on shares of 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 began coverage on 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 analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $201.00.

Applied Industrial Technologies Stock Performance

Shares of NYSE AIT traded up $1.95 during trading on Friday, reaching $180.89. 448,122 shares of the stock traded hands, compared to its average volume of 245,005. 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 stock has a market capitalization of $7.00 billion, a P/E ratio of 18.96, a price-to-earnings-growth ratio of 1.89 and a beta of 1.08. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76. The company has a 50-day moving average of $189.87 and a 200-day moving average of $175.59.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the business earned $2.38 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. Analysts forecast that Applied Industrial Technologies will post 9.6 EPS for the current fiscal year.

Applied Industrial Technologies Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a yield of 0.82%. Applied Industrial Technologies’s payout ratio is 15.51%.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total value of $364,680.00. Following the sale, the vice president now directly owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate 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.