FY2024 Earnings Estimate for Applied Industrial Technologies, Inc. Issued By Zacks Research (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) – Equities research analysts at Zacks Research lifted their FY2024 earnings per share estimates for Applied Industrial Technologies in a research report issued on Wednesday, April 24th. Zacks Research analyst S. Roy now expects that the industrial products company will post earnings per share of $9.45 for the year, up from their prior estimate of $9.43. 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 $2.43 EPS, Q3 2025 earnings at $2.31 EPS and FY2026 earnings at $8.55 EPS.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly 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 company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. Applied Industrial Technologies’s revenue was up 1.6% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share.

A number of other analysts also recently commented on AIT. Oppenheimer started coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price target for the company. KeyCorp raised their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $201.00.

Applied Industrial Technologies Stock Performance

Shares of AIT opened at $178.79 on Thursday. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 1.96 and a beta of 1.08. The stock has a 50 day moving average of $190.03 and a 200 day moving average of $175.31. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76.

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds have recently made changes to their positions in AIT. ICA Group Wealth Management LLC bought a new stake in Applied Industrial Technologies during the fourth quarter valued at $26,000. Huntington National Bank lifted its stake in Applied Industrial Technologies by 963.2% during the third quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 183 shares during the last quarter. NBC Securities Inc. bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $40,000. ZRC Wealth Management LLC bought a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at about $42,000. Finally, Legacy Financial Group LLC bought a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at about $52,000. 93.52% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the completion of the transaction, the vice president now directly owns 57,155 shares in the company, valued at $10,421,642.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.

About Applied Industrial Technologies

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.