Applied Industrial Technologies (NYSE:AIT) Updates FY24 Earnings Guidance

Applied Industrial Technologies (NYSE:AIT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $9.55-$9.70 for the period, compared to the consensus earnings per share estimate of $9.55. The company issued revenue guidance of $4.479-$4.523 billion, compared to the consensus revenue estimate of $4.50 billion. Applied Industrial Technologies also updated its FY 2024 guidance to 9.550-9.700 EPS.

Applied Industrial Technologies Stock Performance

NYSE:AIT opened at $186.04 on Thursday. The firm has a 50-day moving average of $190.24 and a two-hundred day moving average of $175.28. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The stock has a market cap of $7.19 billion, a P/E ratio of 19.52, a PEG ratio of 1.96 and a beta of 1.08. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.13. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the firm earned $2.05 EPS. Applied Industrial Technologies’s quarterly revenue was up 1.6% on a year-over-year basis. On average, research analysts expect that Applied Industrial Technologies will post 9.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

AIT has been the subject of a number of recent analyst reports. KeyCorp raised their price objective 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 assumed coverage on Applied Industrial Technologies in a research note on Tuesday, April 2nd. They set an outperform rating and a $235.00 price objective for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of Buy and a consensus target price of $201.00.

Insider Transactions at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies 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 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 legal filing with the SEC, which is available through this hyperlink. 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.