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

Applied Industrial Technologies (NYSE:AIT) updated its FY 2024 earnings guidance on Thursday. 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 %

NYSE AIT traded up $1.95 during trading hours on Friday, hitting $180.89. 395,452 shares of the company were exchanged, compared to its average volume of 338,668. The company 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 3.74 and a debt-to-equity ratio of 0.36. The firm has a market cap 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 52-week low of $122.24 and a 52-week high of $201.76.

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, beating the consensus estimate of $2.40 by $0.08. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same quarter last year, the company earned $2.38 earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. Equities research analysts anticipate that Applied Industrial Technologies will post 9.5 earnings per share for the current year.

Applied Industrial Technologies Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be paid 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 dividend yield of 0.82%. Applied Industrial Technologies’s payout ratio is currently 15.53%.

Analyst Ratings Changes

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

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the firm’s stock in a transaction that occurred on 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 owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is currently owned by 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.