Q3 2018 EPS Estimates for Applied Industrial Technologies Increased by Analyst (AIT)
Applied Industrial Technologies (NYSE:AIT) – Equities research analysts at Northcoast Research increased their Q3 2018 earnings per share estimates for shares of Applied Industrial Technologies in a research note issued on Wednesday. Northcoast Research analyst R. Cieslak now forecasts that the industrial products company will post earnings of $0.89 per share for the quarter, up from their previous forecast of $0.78. Northcoast Research also issued estimates for Applied Industrial Technologies’ FY2018 earnings at $3.42 EPS.
AIT has been the subject of a number of other reports. Wellington Shields raised Applied Industrial Technologies to a “hold” rating in a research report on Tuesday, January 2nd. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research report on Thursday, September 21st. Finally, ValuEngine downgraded Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $70.50.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 EPS for the quarter, topping the Zacks’ 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 the consensus estimate of $668.18 million. During the same period in the previous year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 8.9% on a year-over-year basis.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sit Investment Associates Inc. boosted its holdings in Applied Industrial Technologies by 415.5% in the fourth quarter. Sit Investment Associates Inc. now owns 23,715 shares of the industrial products company’s stock valued at $1,615,000 after purchasing an additional 19,115 shares in the last quarter. Fruth Investment Management boosted its holdings in Applied Industrial Technologies by 19.9% in the fourth quarter. Fruth Investment Management now owns 24,700 shares of the industrial products company’s stock valued at $1,682,000 after purchasing an additional 4,100 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Applied Industrial Technologies by 243.7% in the third quarter. Public Employees Retirement System of Ohio now owns 14,733 shares of the industrial products company’s stock valued at $969,000 after purchasing an additional 10,447 shares in the last quarter. Algert Global LLC boosted its holdings in Applied Industrial Technologies by 31.9% in the third quarter. Algert Global LLC now owns 49,744 shares of the industrial products company’s stock valued at $3,273,000 after purchasing an additional 12,026 shares in the last quarter. Finally, California Public Employees Retirement System boosted its holdings in Applied Industrial Technologies by 3.5% in the third quarter. California Public Employees Retirement System now owns 118,580 shares of the industrial products company’s stock valued at $7,803,000 after purchasing an additional 3,980 shares in the last quarter. 87.89% of the stock is owned by hedge funds and other institutional investors.
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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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