Applied Industrial Technologies, Inc. Forecasted to Earn FY2024 Earnings of $9.64 Per Share (NYSE:AIT)

Applied Industrial Technologies, Inc. (NYSE:AIT - Free Report) - Investment analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Applied Industrial Technologies in a research note issued on Thursday, May 16th. Zacks Research analyst S. Roy now expects that the industrial products company will earn $9.64 per share for the year, up from their prior estimate of $9.45. The consensus estimate for Applied Industrial Technologies' current full-year earnings is $9.60 per share. Zacks Research also issued estimates for Applied Industrial Technologies' Q4 2024 earnings at $2.54 EPS, Q1 2025 earnings at $2.41 EPS, Q2 2025 earnings at $2.35 EPS and Q4 2025 earnings at $2.75 EPS.

Other equities research analysts also recently issued research reports about the company. KeyCorp raised their target price 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 research report on Tuesday, April 2nd. They issued an "outperform" rating and a $235.00 target price on the stock. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $201.00.

Applied Industrial Technologies Price Performance

Shares of NYSE AIT traded up $0.13 during trading hours on Friday, hitting $196.99. 114,601 shares of the stock were exchanged, compared to its average volume of 324,086. Applied Industrial Technologies has a 1-year low of $122.24 and a 1-year high of $201.76. The company has a market cap of $7.60 billion, a PE ratio of 20.62, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.70 and a current ratio of 3.77. The company's fifty day simple moving average is $190.91 and its two-hundred day simple moving average is $178.78.

Applied Industrial Technologies (NYSE:AIT - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The industrial products company reported $2.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.40 by $0.08. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.13 billion. Applied Industrial Technologies had a net margin of 8.36% and a return on equity of 23.69%. The business's revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.38 earnings per share.

Applied Industrial Technologies Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Wednesday, May 15th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 0.75%. The ex-dividend date is Tuesday, May 14th. Applied Industrial Technologies's dividend payout ratio (DPR) is 15.51%.

Hedge Funds Weigh In On Applied Industrial Technologies

Institutional investors and hedge funds have recently bought and sold shares of the company. EntryPoint Capital LLC acquired a new position in shares of Applied Industrial Technologies during the first quarter worth $25,000. ICA Group Wealth Management LLC acquired a new position in Applied Industrial Technologies during the 4th quarter worth about $26,000. Huntington National Bank grew its position 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. ZRC Wealth Management LLC acquired a new stake in shares of Applied Industrial Technologies in the first quarter valued at about $42,000. Finally, NBC Securities Inc. bought a new position in shares of Applied Industrial Technologies during the third quarter worth about $40,000. Institutional investors and hedge funds own 93.52% 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.