Zacks: Brokerages Anticipate Applied Industrial Technologies (AIT) to Post $1.19 Earnings Per Share

Analysts expect that Applied Industrial Technologies (NYSE:AIT) will post earnings of $1.19 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Applied Industrial Technologies’ earnings. The lowest EPS estimate is $1.13 and the highest is $1.27. Applied Industrial Technologies posted earnings per share of $1.05 during the same quarter last year, which would indicate a positive year-over-year growth rate of 13.3%. The company is scheduled to report its next quarterly earnings report before the market opens on Friday, April 26th.

According to Zacks, analysts expect that Applied Industrial Technologies will report full-year earnings of $4.65 per share for the current financial year, with EPS estimates ranging from $4.55 to $4.79. For the next fiscal year, analysts forecast that the firm will report earnings of $5.07 per share, with EPS estimates ranging from $4.95 to $5.17. Zacks’ EPS calculations are a mean average based on a survey of analysts that that provide coverage for Applied Industrial Technologies.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Thursday, January 24th. The industrial products company reported $0.99 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.07). The firm had revenue of $840.00 million for the quarter, compared to analyst estimates of $855.94 million. Applied Industrial Technologies had a net margin of 4.80% and a return on equity of 20.03%. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.79 earnings per share.

AIT has been the subject of a number of recent research reports. KeyCorp upgraded Applied Industrial Technologies from a “sector weight” rating to an “overweight” rating in a report on Tuesday, January 15th. Longbow Research upgraded Applied Industrial Technologies from a “neutral” rating to a “buy” rating and set a $70.00 price objective for the company in a report on Friday, March 8th. Wells Fargo & Co decreased their price objective on Applied Industrial Technologies from $75.00 to $60.00 and set a “market perform” rating for the company in a report on Friday, December 21st. Wellington Shields downgraded Applied Industrial Technologies from a “buy” rating to a “gradually accumulate” rating in a report on Thursday, January 24th. Finally, Zacks Investment Research upgraded Applied Industrial Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, January 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $71.00.

Shares of NYSE:AIT traded up $0.75 during trading on Thursday, hitting $61.29. 2,140 shares of the company were exchanged, compared to its average volume of 165,443. The company has a market capitalization of $2.29 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 1.08 and a beta of 1.29. Applied Industrial Technologies has a 1-year low of $50.56 and a 1-year high of $82.35. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.61 and a current ratio of 2.75.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. boosted its position in Applied Industrial Technologies by 4.4% during the fourth quarter. BlackRock Inc. now owns 6,362,725 shares of the industrial products company’s stock valued at $343,203,000 after acquiring an additional 267,302 shares during the last quarter. Vanguard Group Inc. boosted its position in Applied Industrial Technologies by 1.2% during the third quarter. Vanguard Group Inc. now owns 3,879,484 shares of the industrial products company’s stock valued at $303,570,000 after acquiring an additional 46,906 shares during the last quarter. Vanguard Group Inc boosted its position in shares of Applied Industrial Technologies by 1.2% during the 3rd quarter. Vanguard Group Inc now owns 3,879,484 shares of the industrial products company’s stock worth $303,570,000 after purchasing an additional 46,906 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Applied Industrial Technologies by 11.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,363,587 shares of the industrial products company’s stock worth $184,950,000 after purchasing an additional 241,427 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Applied Industrial Technologies by 1.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,212,821 shares of the industrial products company’s stock worth $65,419,000 after purchasing an additional 14,768 shares in the last quarter. 90.98% of the stock is currently owned by institutional investors and hedge funds.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in North America, 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 and Flow Control.

Further Reading: Debt-To-Equity Ratio

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