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

Applied Industrial Technologies (NYSE:AIT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 9.550-9.700 for the period, compared to the consensus 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.

Applied Industrial Technologies Stock Up 1.1 %

AIT traded up $1.95 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. The stock has a 50 day moving average of $189.87 and a two-hundred day moving average of $175.46. The company has a quick ratio of 2.59, a current ratio of 3.77 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.87 and a beta of 1.08. Applied Industrial Technologies has a fifty-two week low of $122.24 and a fifty-two week high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) 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 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 firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.38 earnings per share. As a group, analysts forecast that Applied Industrial Technologies will post 9.55 EPS for the current fiscal year.

Applied Industrial Technologies Dividend Announcement

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

Wall Street Analyst Weigh In

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

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the 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 completion of the transaction, the vice president now owns 57,155 shares in the company, valued at $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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.