Equities analysts predict that Applied Industrial Technologies (NYSE:AIT) will announce sales of $880.30 million for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Applied Industrial Technologies’ earnings. The highest sales estimate is $902.10 million and the lowest is $858.50 million. Applied Industrial Technologies reported sales of $681.47 million during the same quarter last year, which indicates a positive year-over-year growth rate of 29.2%. The firm is expected to announce its next quarterly earnings report on Friday, August 10th.

On average, analysts expect that Applied Industrial Technologies will report full-year sales of $3.07 billion for the current year, with estimates ranging from $3.06 billion to $3.08 billion. For the next year, analysts expect that the business will report sales of $3.56 billion per share, with estimates ranging from $3.54 billion to $3.58 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Applied Industrial Technologies.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Thursday, April 26th. The industrial products company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.11. The firm had revenue of $827.67 million during the quarter, compared to analysts’ expectations of $803.23 million. Applied Industrial Technologies had a return on equity of 17.52% and a net margin of 5.40%. The firm’s revenue was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share.

A number of brokerages have weighed in on AIT. Zacks Investment Research upgraded Applied Industrial Technologies from a “hold” rating to a “strong-buy” rating and set a $74.00 price objective for the company in a research note on Tuesday, May 1st. ValuEngine cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research note on Friday, April 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $68.50.

AIT stock traded up $0.85 during trading on Monday, hitting $74.80. 3,094 shares of the company’s stock were exchanged, compared to its average volume of 243,312. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 26.25, a PEG ratio of 1.67 and a beta of 0.94. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $75.40. The company has a quick ratio of 1.67, a current ratio of 2.84 and a debt-to-equity ratio of 1.26.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 31st. Stockholders of record on Tuesday, May 15th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Monday, May 14th. Applied Industrial Technologies’s payout ratio is currently 42.25%.

In other news, Director Peter C. Wallace sold 737 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $73.04, for a total value of $53,830.48. Following the transaction, the director now owns 22,374 shares of the company’s stock, valued at $1,634,196.96. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Peter C. Wallace sold 3,700 shares of the business’s stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $73.04, for a total value of $270,248.00. Following the completion of the transaction, the director now directly owns 25,337 shares in the company, valued at approximately $1,850,614.48. The disclosure for this sale can be found here. Insiders own 3.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Aperio Group LLC grew its holdings in Applied Industrial Technologies by 15.7% during the fourth quarter. Aperio Group LLC now owns 12,954 shares of the industrial products company’s stock worth $882,000 after acquiring an additional 1,761 shares during the period. BlackRock Inc. grew its holdings in Applied Industrial Technologies by 2.7% during the fourth quarter. BlackRock Inc. now owns 6,058,895 shares of the industrial products company’s stock worth $412,609,000 after acquiring an additional 159,368 shares during the period. Deutsche Bank AG grew its holdings in Applied Industrial Technologies by 19.7% during the fourth quarter. Deutsche Bank AG now owns 287,462 shares of the industrial products company’s stock worth $19,574,000 after acquiring an additional 47,354 shares during the period. Meeder Asset Management Inc. grew its holdings in Applied Industrial Technologies by 175.2% during the fourth quarter. Meeder Asset Management Inc. now owns 4,285 shares of the industrial products company’s stock worth $292,000 after acquiring an additional 2,728 shares during the period. Finally, Stone Ridge Asset Management LLC acquired a new position in Applied Industrial Technologies during the fourth quarter worth $1,364,000. 88.22% of the stock is currently owned by hedge funds and other institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial products in the United States, Puerto Rico, Canada, Mexico, 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 Businesses.

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