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

Applied Industrial Technologies (NYSE:AIT) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $9.55-$9.70 for the period, compared to the consensus EPS 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.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AIT. KeyCorp lifted their price objective on shares of 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 began coverage on shares of Applied Industrial Technologies in a research note on Tuesday, April 2nd. They issued an outperform rating and a $235.00 price objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of Buy and an average price target of $201.00.

Applied Industrial Technologies Stock Down 0.1 %

AIT opened at $186.04 on Thursday. The company has a fifty day moving average price of $190.24 and a 200-day moving average price of $175.28. The firm has a market capitalization of $7.19 billion, a P/E ratio of 19.52, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. Applied Industrial Technologies has a one year low of $122.24 and a one year high of $201.76.

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

Insider Activity 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 dated Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction 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 document filed with the SEC, which is accessible through this link. 2.20% of the stock is owned by insiders.

Applied Industrial Technologies Company Profile

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.