Applied Industrial Technologies, Inc. (NYSE:AIT) Forecasted to Earn FY2024 Earnings of $9.43 Per Share

Applied Industrial Technologies, Inc. (NYSE:AIT) – Research analysts at Zacks Research lifted their FY2024 EPS estimates for shares of Applied Industrial Technologies in a report released on Wednesday, April 17th. Zacks Research analyst S. Roy now expects that the industrial products company will post earnings of $9.43 per share 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.

AIT has been the topic of a number of other reports. Oppenheimer initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, April 2nd. They set an “outperform” rating and a $235.00 price objective on the stock. KeyCorp lifted their target price on Applied Industrial Technologies from $195.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies presently has a consensus rating of “Buy” and an average target price of $201.00.

Applied Industrial Technologies Price Performance

AIT opened at $183.52 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.74 and a quick ratio of 2.59. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 19.26, a P/E/G ratio of 1.94 and a beta of 1.08. The firm’s fifty day moving average price is $190.23 and its two-hundred day moving average price is $174.51. Applied Industrial Technologies has a 1 year low of $122.24 and a 1 year high of $201.76.

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

Institutional Investors Weigh In On Applied Industrial Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter valued at about $26,000. FinTrust Capital Advisors LLC bought a new stake in Applied Industrial Technologies in the 4th quarter valued at about $25,000. Huntington National Bank raised its stake in Applied Industrial Technologies by 963.2% in the 3rd quarter. Huntington National Bank now owns 202 shares of the industrial products company’s stock valued at $31,000 after acquiring an additional 183 shares during the period. ZRC Wealth Management LLC bought a new stake in Applied Industrial Technologies in the 1st quarter valued at about $42,000. Finally, Point72 Middle East FZE bought a new stake in Applied Industrial Technologies in the 4th quarter valued at about $28,000. 93.52% of the stock is currently owned by institutional investors.

Insider Transactions at Applied Industrial Technologies

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 transaction of $364,680.00. Following the sale, the vice president now directly owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.20% of the company’s stock.

Applied Industrial Technologies Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.81%. This is a boost from Applied Industrial Technologies’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Wednesday, February 14th. Applied Industrial Technologies’s payout ratio is presently 15.53%.

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.