Applied Industrial Technologies (NYSE:AIT) Releases 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 (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 Trading Down 3.0 %

Shares of NYSE:AIT traded down $5.64 during mid-day trading on Thursday, hitting $180.45. The stock had a trading volume of 79,526 shares, compared to its average volume of 331,045. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74. The company has a market cap of $6.98 billion, a PE ratio of 19.52, a P/E/G ratio of 1.96 and a beta of 1.08. Applied Industrial Technologies has a 12-month low of $122.24 and a 12-month high of $201.76. The company’s 50 day moving average is $190.24 and its 200-day moving average is $175.28.

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

Wall Street Analysts Forecast Growth

AIT has been the subject of a number of research analyst reports. KeyCorp increased their target price on shares of 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 shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an outperform rating and a $235.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Applied Industrial Technologies presently has a consensus 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 the firm’s 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 transaction, the vice president now directly 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 accessible through this link. 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.