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

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

Wall Street Analyst Weigh In

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

Applied Industrial Technologies Price Performance

Shares of AIT stock traded down $5.64 on Thursday, reaching $180.45. The company had a trading volume of 79,526 shares, compared to its average volume of 331,045. The stock has a market capitalization of $6.98 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. 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 has a one year low of $122.24 and a one year high of $201.76. The business’s 50-day moving average is $190.24 and its 200 day moving average is $175.28.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, topping analysts’ consensus estimates of $2.11 by $0.13. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.05 earnings per share. Equities research analysts forecast that Applied Industrial Technologies will post 9.49 EPS for the current fiscal year.

Insider Activity 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 shares were 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 approximately $10,421,642.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.20% of the stock is 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.