Brokers Offer Predictions for Applied Industrial Technologies, Inc.’s FY2024 Earnings (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) – Equities research analysts at Zacks Research lifted their FY2024 earnings per share estimates for shares of Applied Industrial Technologies in a report issued on Wednesday, April 24th. Zacks Research analyst S. Roy now forecasts that the industrial products company will post earnings of $9.45 per share for the year, up from their previous 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 data on Thursday, January 25th. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.11 by $0.13. Applied Industrial Technologies had a return on equity of 24.59% and a net margin of 8.39%. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the firm earned $2.05 EPS. Applied Industrial Technologies’s quarterly revenue was up 1.6% compared to the same quarter last year.

Several other brokerages have also issued reports on AIT. Oppenheimer began coverage on Applied Industrial Technologies in a research report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective for the company. KeyCorp upped their price target 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 analysts have rated the stock with a buy rating, According to MarketBeat.com, Applied Industrial Technologies presently has an average rating of “Buy” and a consensus price target of $201.00.

Applied Industrial Technologies Price Performance

Shares of AIT opened at $186.04 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.59 and a current ratio of 3.74. The stock has a 50 day simple moving average of $190.24 and a 200 day simple moving average of $175.28. Applied Industrial Technologies has a 52-week low of $122.24 and a 52-week high of $201.76. The firm has a market capitalization of $7.19 billion, a PE ratio of 19.52, a P/E/G ratio of 1.96 and a beta of 1.08.

Insiders Place Their Bets

In other Applied Industrial Technologies news, VP Warren E. Hoffner III sold 2,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 SEC, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Applied Industrial Technologies

Large investors have recently made changes to their positions in the stock. ICA Group Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 4th quarter valued at approximately $26,000. Huntington National Bank boosted its holdings in shares of 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 buying an additional 183 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at approximately $40,000. ZRC Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies in the 1st quarter valued at approximately $42,000. Finally, Legacy Financial Group LLC acquired a new stake in shares of Applied Industrial Technologies in the 3rd quarter valued at approximately $52,000. Institutional investors and hedge funds 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.