Applied Industrial Technologies, Inc. to Post FY2024 Earnings of $9.43 Per Share, Zacks Research Forecasts (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT) – Zacks Research raised their FY2024 earnings per share (EPS) estimates for shares of Applied Industrial Technologies in a research report issued to clients and investors on Wednesday, April 17th. Zacks Research analyst S. Roy now anticipates that the industrial products company will earn $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.

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

AIT has been the subject of several other research reports. KeyCorp increased their price objective on Applied Industrial Technologies from $195.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Oppenheimer began coverage on Applied Industrial Technologies in a report on Tuesday, April 2nd. They issued an “outperform” rating and a $235.00 price objective for the company. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, Applied Industrial Technologies has an average rating of “Buy” and a consensus price target of $201.00.

Applied Industrial Technologies Trading Down 1.9 %

NYSE AIT opened at $184.27 on Thursday. The company has a market cap of $7.13 billion, a PE ratio of 19.34, a PEG ratio of 2.00 and a beta of 1.08. The company has a current ratio of 3.74, a quick ratio of 2.59 and a debt-to-equity ratio of 0.36. Applied Industrial Technologies has a 12 month low of $122.24 and a 12 month high of $201.76. The stock has a 50 day moving average of $190.32 and a 200-day moving average of $174.24.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC bought a new position in Applied Industrial Technologies during the 4th quarter worth $26,000. FinTrust Capital Advisors LLC bought a new position in Applied Industrial Technologies during the 4th quarter worth $25,000. Huntington National Bank increased its position in Applied Industrial Technologies by 963.2% during 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 during the period. Point72 Middle East FZE bought a new position in Applied Industrial Technologies during the 4th quarter worth $28,000. Finally, State of Wyoming bought a new position in Applied Industrial Technologies during the 4th quarter worth $29,000. Institutional investors own 93.52% of the company’s stock.

Insider Activity at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $182.34, for a total value of $364,680.00. Following the sale, the vice president now owns 57,155 shares in the company, valued at approximately $10,421,642.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by company insiders.

Applied Industrial Technologies Increases Dividend

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