Zacks Research Brokers Lift Earnings Estimates for Applied Industrial Technologies, Inc. (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) – Stock analysts at Zacks Research lifted their FY2024 EPS estimates for Applied Industrial Technologies in a note issued to investors on Wednesday, April 24th. Zacks Research analyst S. Roy now forecasts that the industrial products company will earn $9.45 per share for the year, up from their prior estimate of $9.43. The consensus estimate for Applied Industrial Technologies’ current full-year earnings is $9.50 per share. Zacks Research also issued estimates for Applied Industrial Technologies’ Q4 2024 earnings at $2.43 EPS, Q3 2025 earnings at $2.31 EPS and FY2026 earnings at $8.55 EPS.

Several other research firms have also issued reports on AIT. Oppenheimer initiated coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price target for the company. KeyCorp upped 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 note on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $201.00.

Applied Industrial Technologies Trading Up 1.1 %

Applied Industrial Technologies stock opened at $180.89 on Thursday. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 18.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The business’s fifty day simple moving average is $189.87 and its two-hundred day simple moving average is $175.46. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, April 25th. The industrial products company reported $2.48 EPS for the quarter, topping analysts’ consensus estimates of $2.40 by $0.08. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.13 billion. During the same period in the previous year, the firm posted $2.38 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in AIT. Capital Research Global Investors raised its stake in Applied Industrial Technologies by 978.3% during the 4th quarter. Capital Research Global Investors now owns 559,649 shares of the industrial products company’s stock valued at $96,646,000 after buying an additional 507,750 shares during the last quarter. FMR LLC increased its position in Applied Industrial Technologies by 38.5% during the third quarter. FMR LLC now owns 1,625,565 shares of the industrial products company’s stock valued at $251,329,000 after acquiring an additional 451,876 shares during the last quarter. Norges Bank bought a new position in Applied Industrial Technologies in the fourth quarter valued at about $72,436,000. Allspring Global Investments Holdings LLC boosted its position in Applied Industrial Technologies by 96.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 425,295 shares of the industrial products company’s stock worth $65,755,000 after purchasing an additional 208,315 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Applied Industrial Technologies by 176.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 309,700 shares of the industrial products company’s stock valued at $61,181,000 after purchasing an additional 197,552 shares during the period. 93.52% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 transaction, the vice president now 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 available through this hyperlink. 2.20% of the stock is owned by corporate insiders.

Applied Industrial Technologies Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $1.48 annualized dividend and a dividend yield of 0.82%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 15.53%.

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.