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 Trading Up 1.1 %

Shares of NYSE AIT traded up $1.95 during mid-day trading on Friday, hitting $180.89. 395,452 shares of the company traded hands, compared to its average volume of 338,668. The business has a 50 day moving average of $189.87 and a two-hundred day moving average of $175.46. The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.96 and a beta of 1.08. Applied Industrial Technologies has a 1 year low of $122.24 and a 1 year high of $201.76. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.08. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.13 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.38 earnings per share. On average, sell-side analysts anticipate that Applied Industrial Technologies will post 9.5 earnings per share for the current fiscal year.

Applied Industrial Technologies Announces Dividend

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

Wall Street Analyst Weigh In

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

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were 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 owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is currently owned by company 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.