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

Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) - Zacks Research lifted their FY2024 earnings per share estimates for shares of Applied Industrial Technologies in a research report issued to clients and investors 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 prior 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.

Several other research analysts have also weighed in on the company. 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 target on the stock. KeyCorp upped their price target 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. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Applied Industrial Technologies currently has a consensus rating of "Buy" and an average target price of $201.00.

Applied Industrial Technologies Trading Down 3.9 %

Shares of Applied Industrial Technologies stock traded down $7.30 on Thursday, reaching $178.79. 557,312 shares of the company were exchanged, compared to its average volume of 336,748. The stock has a fifty day moving average price of $190.24 and a 200-day moving average price of $175.28. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 18.69, a price-to-earnings-growth ratio of 1.96 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 fifty-two week low of $122.24 and a fifty-two week high of $201.76.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its earnings results 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 company had revenue of $1.08 billion for 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%. Applied Industrial Technologies'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 earnings per share.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its holdings in shares of Applied Industrial Technologies by 176.2% during the 1st quarter. Assenagon Asset Management S.A. now owns 309,700 shares of the industrial products company's stock valued at $61,181,000 after acquiring an additional 197,552 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Applied Industrial Technologies by 22.1% during the 1st quarter. Amalgamated Bank now owns 20,271 shares of the industrial products company's stock valued at $4,005,000 after acquiring an additional 3,666 shares during the last quarter. New Mexico Educational Retirement Board acquired a new position in shares of Applied Industrial Technologies during the 1st quarter valued at about $1,600,000. Fifth Third Bancorp grew its holdings in Applied Industrial Technologies by 4.7% in the 1st quarter. Fifth Third Bancorp now owns 2,092 shares of the industrial products company's stock valued at $413,000 after buying an additional 93 shares during the last quarter. Finally, Wesbanco Bank Inc. acquired a new stake in Applied Industrial Technologies in the 1st quarter valued at approximately $2,905,000. Institutional investors and hedge funds own 93.52% of the company's stock.

Insider Buying and Selling at Applied Industrial Technologies

In other news, VP Warren E. Hoffner III sold 2,000 shares of the stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $182.34, for a total transaction of $364,680.00. Following the transaction, the vice president now owns 57,155 shares of the company's stock, valued at approximately $10,421,642.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company's stock.

Applied Industrial Technologies Company Profile

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.