Applied Industrial Technologies, Inc. (NYSE:AIT) to Post FY2024 Earnings of $9.43 Per Share, Zacks Research Forecasts

Applied Industrial Technologies, Inc. (NYSE:AIT) – Analysts at Zacks Research raised their FY2024 EPS estimates for Applied Industrial Technologies in a research report issued to clients and investors on Wednesday, April 17th. Zacks Research analyst S. Roy now anticipates that the industrial products company will post earnings of $9.43 per share for the year, up from their previous forecast of $9.42. The consensus estimate for Applied Industrial Technologies’ current full-year earnings is $9.49 per share. Zacks Research also issued estimates for Applied Industrial Technologies’ Q4 2024 earnings at $2.42 EPS, Q4 2025 earnings at $2.49 EPS, FY2025 earnings at $9.28 EPS, Q2 2026 earnings at $1.96 EPS, Q3 2026 earnings at $2.10 EPS and FY2026 earnings at $8.54 EPS.

Several other research firms also recently commented on AIT. Oppenheimer started coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective on the stock. KeyCorp upped their price target 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Applied Industrial Technologies currently has a consensus rating of “Buy” and an average target price of $201.00.

Applied Industrial Technologies Price Performance

NYSE:AIT opened at $184.08 on Thursday. Applied Industrial Technologies has a one year low of $122.24 and a one year high of $201.76. The company has a market cap of $7.12 billion, a P/E ratio of 19.32, a P/E/G ratio of 1.98 and a beta of 1.08. The firm’s fifty day moving average price is $190.32 and its two-hundred day moving average price is $174.31. 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 (NYSE:AIT) last released its quarterly earnings data on Thursday, January 25th. The industrial products company reported $2.24 EPS for the quarter, beating the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the company earned $2.05 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis.

Institutional Investors Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. Fox Run Management L.L.C. bought a new stake in Applied Industrial Technologies during the third quarter worth about $336,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Applied Industrial Technologies by 19.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 508,880 shares of the industrial products company’s stock worth $87,879,000 after acquiring an additional 83,585 shares during the last quarter. Measured Wealth Private Client Group LLC lifted its holdings in shares of Applied Industrial Technologies by 7.0% in the third quarter. Measured Wealth Private Client Group LLC now owns 4,707 shares of the industrial products company’s stock worth $728,000 after acquiring an additional 307 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Applied Industrial Technologies by 0.9% in the third quarter. Los Angeles Capital Management LLC now owns 39,547 shares of the industrial products company’s stock worth $6,114,000 after acquiring an additional 364 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its holdings in shares of Applied Industrial Technologies by 494.2% in the third quarter. Illinois Municipal Retirement Fund now owns 26,013 shares of the industrial products company’s stock worth $4,022,000 after acquiring an additional 21,635 shares during the last quarter. Institutional investors own 93.52% of the company’s stock.

Insider Activity at Applied Industrial Technologies

In related 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 owns 57,155 shares of the company’s stock, valued at $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.20% of the stock is currently owned by corporate insiders.

Applied Industrial Technologies Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a $0.37 dividend. The ex-dividend date was Wednesday, February 14th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 0.80%. Applied Industrial Technologies’s dividend payout ratio is 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.