Q1 2024 EPS Estimates for Applied Industrial Technologies, Inc. Decreased by Zacks Research (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) – Research analysts at Zacks Research dropped their Q1 2024 earnings per share estimates for Applied Industrial Technologies in a research report issued on Thursday, August 24th. Zacks Research analyst S. Roy now anticipates that the industrial products company will post earnings of $2.06 per share for the quarter, down from their previous estimate of $2.09. The consensus estimate for Applied Industrial Technologies’ current full-year earnings is $9.01 per share. Zacks Research also issued estimates for Applied Industrial Technologies’ Q3 2024 earnings at $2.32 EPS, Q4 2024 earnings at $2.31 EPS, FY2024 earnings at $8.82 EPS, Q1 2025 earnings at $2.16 EPS, Q3 2025 earnings at $2.21 EPS, Q4 2025 earnings at $2.32 EPS, FY2025 earnings at $8.71 EPS and FY2026 earnings at $8.51 EPS.

Other equities analysts have also issued reports about the company. KeyCorp lifted their price objective on Applied Industrial Technologies from $162.00 to $182.00 and gave the stock an “overweight” rating in a research note on Friday, August 11th. Loop Capital lifted their price objective on Applied Industrial Technologies from $170.00 to $174.00 and gave the stock a “buy” rating in a research note on Monday, August 14th. StockNews.com began coverage on Applied Industrial Technologies in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Finally, Robert W. Baird boosted their price target on Applied Industrial Technologies from $161.00 to $185.00 and gave the company an “outperform” rating in a research note on Friday, August 11th.

Applied Industrial Technologies Price Performance

Applied Industrial Technologies stock opened at $153.98 on Monday. The stock’s 50 day moving average is $144.89 and its 200 day moving average is $138.55. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.05 and a quick ratio of 2.12. The firm has a market cap of $5.95 billion, a P/E ratio of 17.42 and a beta of 1.21. Applied Industrial Technologies has a one year low of $96.43 and a one year high of $156.53.

Applied Industrial Technologies (NYSE:AIT) last released its quarterly earnings results on Thursday, August 10th. The industrial products company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.18. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Applied Industrial Technologies had a return on equity of 25.62% and a net margin of 7.86%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.02 earnings per share.

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new stake in shares of Applied Industrial Technologies during the second quarter valued at approximately $2,381,000. FinTrust Capital Advisors LLC bought a new stake in Applied Industrial Technologies during the fourth quarter worth $25,000. Point72 Middle East FZE bought a new stake in Applied Industrial Technologies during the fourth quarter worth $28,000. State of Wyoming bought a new stake in Applied Industrial Technologies during the fourth quarter worth $29,000. Finally, Cerity Partners LLC bought a new stake in Applied Industrial Technologies during the first quarter worth $545,000. Institutional investors own 92.64% of the company’s stock.

Insider Activity

In other news, CEO Neil A. Schrimsher sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $153.67, for a total transaction of $4,610,100.00. Following the completion of the sale, the chief executive officer now owns 302,307 shares in the company, valued at $46,455,516.69. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, August 14th. This represents a $1.40 annualized dividend and a dividend yield of 0.91%. Applied Industrial Technologies’s dividend payout ratio is 15.84%.

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.