Analysts Anticipate Applied Industrial Technologies, Inc. (AIT) Will Announce Quarterly Sales of $651.05 Million
Equities research analysts expect Applied Industrial Technologies, Inc. (NYSE:AIT) to report sales of $651.05 million for the current quarter, Zacks reports. Two analysts have issued estimates for Applied Industrial Technologies’ earnings, with the highest sales estimate coming in at $655.60 million and the lowest estimate coming in at $646.50 million. Applied Industrial Technologies posted sales of $608.12 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, January 25th.
According to Zacks, analysts expect that Applied Industrial Technologies will report full year sales of $651.05 million for the current financial year, with estimates ranging from $2.72 billion to $2.74 billion. For the next year, analysts anticipate that the business will post sales of $2.85 billion per share, with estimates ranging from $2.84 billion to $2.86 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Applied Industrial Technologies.
Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a return on equity of 16.25% and a net margin of 5.29%. The business had revenue of $680.70 million during the quarter, compared to analyst estimates of $668.18 million. During the same quarter in the previous year, the business earned $0.70 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year.
Several research analysts have issued reports on AIT shares. Zacks Investment Research lowered Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. ValuEngine upgraded Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Northcoast Research started coverage on Applied Industrial Technologies in a report on Tuesday, July 25th. They issued a “neutral” rating for the company. Finally, BidaskClub lowered Applied Industrial Technologies from a “sell” rating to a “strong sell” rating in a report on Wednesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $66.00.
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Shares of Applied Industrial Technologies (NYSE AIT) traded up $1.70 during trading hours on Friday, hitting $61.50. The company’s stock had a trading volume of 140,400 shares, compared to its average volume of 193,017. Applied Industrial Technologies has a fifty-two week low of $54.00 and a fifty-two week high of $70.05. The stock has a market capitalization of $2,321.15, a price-to-earnings ratio of 19.93, a PEG ratio of 1.56 and a beta of 0.94. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Investors of record on Wednesday, November 15th will be issued a $0.29 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.89%. Applied Industrial Technologies’s payout ratio is 32.58%.
In related news, VP Mark O. Eisele sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $55.28, for a total value of $331,680.00. Following the completion of the sale, the vice president now owns 117,029 shares in the company, valued at $6,469,363.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark O. Eisele sold 8,926 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $54.64, for a total value of $487,716.64. Following the completion of the sale, the vice president now owns 129,029 shares of the company’s stock, valued at approximately $7,050,144.56. The disclosure for this sale can be found here. Insiders sold 40,791 shares of company stock valued at $2,244,769 in the last quarter. 3.70% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of AIT. Teachers Advisors LLC raised its stake in Applied Industrial Technologies by 5.6% in the first quarter. Teachers Advisors LLC now owns 63,677 shares of the industrial products company’s stock worth $3,938,000 after buying an additional 3,349 shares in the last quarter. State Street Corp raised its stake in Applied Industrial Technologies by 6.3% in the first quarter. State Street Corp now owns 902,199 shares of the industrial products company’s stock worth $55,799,000 after buying an additional 53,457 shares in the last quarter. Bank of Montreal Can raised its stake in Applied Industrial Technologies by 1,938.7% in the second quarter. Bank of Montreal Can now owns 88,254 shares of the industrial products company’s stock worth $5,210,000 after buying an additional 83,925 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in Applied Industrial Technologies by 1.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 26,310 shares of the industrial products company’s stock worth $1,554,000 after buying an additional 465 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its stake in Applied Industrial Technologies by 78.3% in the second quarter. State of Alaska Department of Revenue now owns 7,702 shares of the industrial products company’s stock worth $454,000 after buying an additional 3,382 shares in the last quarter. 88.01% of the stock is owned by institutional investors.
Applied Industrial Technologies Company Profile
Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.
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