Applied Industrial Technologies (NYSE:AIT) Updates 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 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.

Applied Industrial Technologies Price Performance

Shares of Applied Industrial Technologies stock traded up $1.95 during midday trading on Friday, hitting $180.89. 448,122 shares of the company were exchanged, 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 firm has a market cap of $7.00 billion, a P/E ratio of 18.96, a PEG ratio of 1.87 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 firm has a 50 day simple moving average of $189.87 and a 200-day simple moving average of $175.46.

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. Applied Industrial Technologies had a return on equity of 23.69% and a net margin of 8.36%. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.13 billion. During the same period last year, the firm posted $2.38 EPS. The business’s revenue was down 2.8% on a year-over-year basis. Research analysts forecast that Applied Industrial Technologies will post 9.55 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.82%. Applied Industrial Technologies’s dividend payout ratio is 15.51%.

Analyst Ratings Changes

Several research firms have recently commented on AIT. KeyCorp lifted their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Oppenheimer began coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an outperform rating and a $235.00 target price for the company. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies presently has a consensus rating of Buy and an average price target of $201.00.

Insiders Place Their Bets

In other Applied Industrial Technologies 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 transaction, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.

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.