Wall Street brokerages forecast that Applied Industrial Technologies (NYSE:AIT) will report $880.30 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Applied Industrial Technologies’ earnings, with the lowest sales estimate coming in at $858.50 million and the highest estimate coming in at $902.10 million. Applied Industrial Technologies posted sales of $681.47 million in the same quarter last year, which suggests a positive year over year growth rate of 29.2%. The company is expected to issue its next quarterly earnings results before the market opens on Friday, August 10th.
According to Zacks, analysts expect that Applied Industrial Technologies will report full-year sales of $3.07 billion for the current fiscal year, with estimates ranging from $3.06 billion to $3.08 billion. For the next fiscal year, analysts forecast that the firm will report sales of $3.56 billion per share, with estimates ranging from $3.54 billion to $3.58 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that cover Applied Industrial Technologies.
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Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Thursday, April 26th. The industrial products company reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.11. The company had revenue of $827.67 million during the quarter, compared to analyst estimates of $803.23 million. Applied Industrial Technologies had a net margin of 5.40% and a return on equity of 17.52%. Applied Industrial Technologies’s quarterly revenue was up 21.8% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS.
AIT has been the subject of several research reports. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Tuesday, April 3rd. ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $74.00.
Shares of Applied Industrial Technologies stock traded up $0.15 during trading on Tuesday, hitting $75.60. The company’s stock had a trading volume of 131,400 shares, compared to its average volume of 226,822. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.84 and a quick ratio of 1.67. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of 26.88, a PEG ratio of 1.32 and a beta of 0.95. Applied Industrial Technologies has a 52 week low of $54.00 and a 52 week high of $76.55.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 31st. Investors of record on Wednesday, August 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, August 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is 42.25%.
In other news, Director Joe Anthony Raver acquired 1,585 shares of the business’s stock in a transaction that occurred on Tuesday, May 1st. The shares were bought at an average cost of $63.20 per share, with a total value of $100,172.00. Following the transaction, the director now owns 3,982 shares of the company’s stock, valued at approximately $251,662.40. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter C. Wallace sold 737 shares of the stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $73.04, for a total transaction of $53,830.48. Following the sale, the director now directly owns 22,374 shares in the company, valued at $1,634,196.96. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN grew its position in Applied Industrial Technologies by 214.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,233,352 shares of the industrial products company’s stock valued at $89,911,000 after purchasing an additional 841,018 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Applied Industrial Technologies by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,185,721 shares of the industrial products company’s stock valued at $86,439,000 after purchasing an additional 3,154 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Applied Industrial Technologies by 0.5% during the 1st quarter. Northern Trust Corp now owns 620,273 shares of the industrial products company’s stock valued at $45,218,000 after acquiring an additional 3,260 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in shares of Applied Industrial Technologies by 9.3% during the 4th quarter. Macquarie Group Ltd. now owns 576,453 shares of the industrial products company’s stock valued at $39,257,000 after acquiring an additional 49,061 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Applied Industrial Technologies by 2.9% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 357,223 shares of the industrial products company’s stock valued at $26,042,000 after acquiring an additional 10,131 shares during the last quarter. 88.14% of the stock is currently owned by institutional investors.
About Applied Industrial Technologies
Applied Industrial Technologies, Inc distributes industrial products in the United States, Puerto Rico, Canada, Mexico, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center-Based Distribution and Fluid Power Businesses.
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