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.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AIT. KeyCorp lifted their target price on 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 set an outperform rating and a $235.00 target price on the stock. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $201.00.

Applied Industrial Technologies Stock Performance

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

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results 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 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%. Applied Industrial Technologies’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.38 earnings per share. Analysts anticipate that Applied Industrial Technologies will post 9.6 earnings per share for the current year.

Applied Industrial Technologies Announces Dividend

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

Insider Transactions at Applied Industrial Technologies

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the company’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 value of $364,680.00. Following the completion of the sale, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.