Applied Industrial Technologies (NYSE:AIT - Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 9.550-9.700 for the period, compared to the consensus EPS 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 Price Performance
Shares of NYSE AIT traded down $7.30 during trading on Thursday, hitting $178.79. The company had a trading volume of 557,312 shares, compared to its average volume of 336,748. The stock has a fifty day simple moving average of $190.03 and a two-hundred day simple moving average of $175.31. 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 $6.91 billion, a price-to-earnings ratio of 18.76, 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 (NYSE:AIT - Get Free Report) last announced its earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.13. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.05 earnings per share. On average, research analysts expect that Applied Industrial Technologies will post 9.49 earnings per share for the current year.
Analysts Set New Price Targets
Several research firms have weighed in on AIT. 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 on the stock. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an overweight rating in a report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of Buy and a consensus target price of $201.00.
View Our Latest Report on AIT
Insider Activity
In other news, VP Warren E. Hoffner III sold 2,000 shares of the business'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 sale, the vice president now directly owns 57,155 shares of the company's stock, valued at approximately $10,421,642.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.20% of the company's stock.
About Applied Industrial Technologies
(
Get Free Report)
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.
Featured Articles
Before you consider Applied Industrial Technologies, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Applied Industrial Technologies wasn't on the list.
While Applied Industrial Technologies currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.
Get This Free Report
