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 lifted their FY2024 earnings estimates for shares of Applied Industrial Technologies in a report released on Wednesday, April 17th. Zacks Research analyst S. Roy now forecasts that the industrial products company will post earnings per share of $9.43 for the year, up from their prior 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.

Other equities analysts have also issued research reports about the stock. KeyCorp lifted their price target on shares of Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Oppenheimer assumed coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $201.00.

Applied Industrial Technologies Stock Down 0.2 %

Shares of AIT opened at $184.08 on Thursday. The firm has a market cap of $7.12 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. The company’s fifty day moving average is $190.32 and its two-hundred day moving average is $174.31. Applied Industrial Technologies has a fifty-two week low of $122.24 and a fifty-two week high of $201.76. The company has a quick ratio of 2.59, a current ratio of 3.74 and a debt-to-equity ratio of 0.36.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings results on Thursday, January 25th. The industrial products company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.11 by $0.13. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.06 billion. Applied Industrial Technologies had a net margin of 8.39% and a return on equity of 24.59%. Applied Industrial Technologies’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $2.05 EPS.

Applied Industrial Technologies Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Investors of record on Thursday, February 15th were paid a dividend of $0.37 per share. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $1.48 annualized dividend and a yield of 0.80%. Applied Industrial Technologies’s payout ratio is 15.53%.

Insider Buying and Selling

In related news, VP Warren E. Hoffner III sold 2,000 shares of Applied Industrial Technologies stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $182.34, for a total transaction of $364,680.00. Following the sale, the vice president now owns 57,155 shares of the company’s stock, valued at approximately $10,421,642.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Measured Wealth Private Client Group LLC increased its position in shares of Applied Industrial Technologies by 1.2% in the 1st quarter. Measured Wealth Private Client Group LLC now owns 4,905 shares of the industrial products company’s stock worth $969,000 after purchasing an additional 59 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Applied Industrial Technologies by 4.2% in the 4th quarter. Baird Financial Group Inc. now owns 1,681 shares of the industrial products company’s stock valued at $290,000 after buying an additional 67 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of Applied Industrial Technologies by 4.2% in the 4th quarter. Orion Portfolio Solutions LLC now owns 1,713 shares of the industrial products company’s stock valued at $286,000 after buying an additional 69 shares during the period. Metropolitan Life Insurance Co NY boosted its holdings in shares of Applied Industrial Technologies by 3.2% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 2,351 shares of the industrial products company’s stock valued at $296,000 after buying an additional 72 shares during the period. Finally, Meritage Portfolio Management boosted its holdings in shares of Applied Industrial Technologies by 2.0% in the 4th quarter. Meritage Portfolio Management now owns 3,638 shares of the industrial products company’s stock valued at $628,000 after buying an additional 73 shares during the period. Institutional investors own 93.52% 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.