Wall Street analysts expect Applied Industrial Technologies, Inc. (NYSE:AIT) to post $651.05 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Applied Industrial Technologies’ earnings, with the highest sales estimate coming in at $655.60 million and the lowest estimate coming in at $646.50 million. Applied Industrial Technologies posted sales of $608.12 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.1%. The firm is expected to announce its next earnings report on Thursday, January 25th.
On average, analysts expect that Applied Industrial Technologies will report full year sales of $651.05 million for the current year, with estimates ranging from $2.72 billion to $2.74 billion. For the next financial year, analysts expect that the company will report sales of $2.85 billion per share, with estimates ranging from $2.84 billion to $2.86 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Applied Industrial Technologies.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The business had revenue of $680.70 million during the quarter, compared to the consensus estimate of $668.18 million. During the same quarter in the prior year, the firm earned $0.70 EPS. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $71.00 price objective for the company in a research report on Friday. ValuEngine downgraded shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Applied Industrial Technologies presently has a consensus rating of “Hold” and a consensus price target of $67.00.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in Applied Industrial Technologies by 0.5% in the 2nd quarter. BlackRock Inc. now owns 5,592,219 shares of the industrial products company’s stock worth $330,220,000 after purchasing an additional 25,364 shares during the last quarter. Vanguard Group Inc. grew its position in Applied Industrial Technologies by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock worth $216,264,000 after purchasing an additional 166,858 shares during the last quarter. JPMorgan Chase & Co. grew its position in Applied Industrial Technologies by 4.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,007,925 shares of the industrial products company’s stock worth $118,568,000 after purchasing an additional 94,681 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Applied Industrial Technologies by 6.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,178,032 shares of the industrial products company’s stock worth $77,513,000 after purchasing an additional 68,270 shares during the last quarter. Finally, State Street Corp grew its position in Applied Industrial Technologies by 11.2% in the 2nd quarter. State Street Corp now owns 1,003,427 shares of the industrial products company’s stock worth $59,253,000 after purchasing an additional 101,228 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.
Shares of Applied Industrial Technologies (NYSE AIT) traded up $0.10 during trading hours on Tuesday, hitting $63.60. 174,300 shares of the company were exchanged, compared to its average volume of 193,976. The company has a current ratio of 3.13, a quick ratio of 1.83 and a debt-to-equity ratio of 0.37. Applied Industrial Technologies has a twelve month low of $54.00 and a twelve month high of $70.05. The company has a market cap of $2,468.65, a P/E ratio of 21.20, a PEG ratio of 1.66 and a beta of 0.93.
The company also recently announced a quarterly dividend, which was paid on Thursday, November 30th. Shareholders of record on Wednesday, November 15th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend was Tuesday, November 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 32.58%.
Applied Industrial Technologies Company Profile
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Applied Industrial Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.