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

Applied Industrial Technologies, Inc. (NYSE:AIT) – Zacks Research increased their FY2024 earnings per share estimates for Applied Industrial Technologies in a research note issued on Wednesday, April 17th. Zacks Research analyst S. Roy now expects 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.

Several other brokerages have also commented on AIT. KeyCorp raised their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. 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 objective for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $201.00.

Applied Industrial Technologies Stock Performance

Shares of Applied Industrial Technologies stock opened at $183.52 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 firm has a market capitalization of $7.10 billion, a P/E ratio of 19.26, a P/E/G ratio of 1.94 and a beta of 1.08. The business has a fifty day simple moving average of $190.23 and a two-hundred day simple moving average of $174.51. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76.

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

Applied Industrial Technologies Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 29th. Stockholders of record on Thursday, February 15th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 0.81%. The ex-dividend date of this dividend was Wednesday, February 14th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.35. Applied Industrial Technologies’s payout ratio is currently 15.53%.

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 dated 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 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 through the SEC website. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Large investors have recently bought and sold shares of the business. ICA Group Wealth Management LLC bought a new stake in Applied Industrial Technologies in the 4th quarter worth about $26,000. FinTrust Capital Advisors LLC bought a new stake in Applied Industrial Technologies in the 4th quarter worth about $25,000. Huntington National Bank increased its holdings 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 worth $31,000 after buying an additional 183 shares in the last quarter. ZRC Wealth Management LLC bought a new stake in Applied Industrial Technologies in the 1st quarter worth about $42,000. Finally, Point72 Middle East FZE bought a new stake in Applied Industrial Technologies in the 4th quarter worth about $28,000. 93.52% of the stock is currently owned by institutional investors.

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.