Equities research analysts expect that Applied Industrial Technologies (NYSE:AIT) will post sales of $834.15 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Applied Industrial Technologies’ earnings. The highest sales estimate is $837.10 million and the lowest is $831.19 million. Applied Industrial Technologies reported sales of $840.04 million in the same quarter last year, which indicates a negative year-over-year growth rate of 0.7%. The company is scheduled to issue its next quarterly earnings results before the market opens on Thursday, January 23rd.
According to Zacks, analysts expect that Applied Industrial Technologies will report full-year sales of $3.47 billion for the current year, with estimates ranging from $3.47 billion to $3.48 billion. For the next year, analysts forecast that the business will report sales of $3.57 billion, with estimates ranging from $3.54 billion to $3.61 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Applied Industrial Technologies.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.01. Applied Industrial Technologies had a net margin of 3.86% and a return on equity of 18.22%. The company had revenue of $856.40 million during the quarter, compared to the consensus estimate of $850.45 million. During the same quarter last year, the company earned $1.14 earnings per share. Applied Industrial Technologies’s revenue for the quarter was down .9% on a year-over-year basis.
AIT has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating and set a $65.00 price objective for the company. in a research report on Friday, November 15th. KeyCorp reaffirmed an “overweight” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Applied Industrial Technologies in a research report on Wednesday, December 11th. Robert W. Baird initiated coverage on shares of Applied Industrial Technologies in a research report on Thursday, December 12th. They issued a “buy” rating and a $81.00 price objective for the company. Sidoti increased their price objective on shares of Applied Industrial Technologies from $61.00 to $71.00 and gave the company a “neutral” rating in a research report on Monday, December 9th. Finally, ValuEngine raised shares of Applied Industrial Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $73.67.
Institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in shares of Applied Industrial Technologies by 500.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,200 shares of the industrial products company’s stock valued at $68,000 after buying an additional 1,000 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Applied Industrial Technologies during the 2nd quarter valued at approximately $116,000. Public Employees Retirement System of Ohio lifted its stake in Applied Industrial Technologies by 5.2% during the third quarter. Public Employees Retirement System of Ohio now owns 3,279 shares of the industrial products company’s stock worth $186,000 after purchasing an additional 162 shares during the last quarter. Holocene Advisors LP bought a new position in Applied Industrial Technologies during the second quarter worth $212,000. Finally, Ellington Management Group LLC bought a new position in Applied Industrial Technologies during the second quarter worth $228,000. Institutional investors own 87.93% of the company’s stock.
NYSE:AIT traded up $0.29 during trading hours on Friday, hitting $66.92. The stock had a trading volume of 178,900 shares, compared to its average volume of 174,590. The company has a current ratio of 2.39, a quick ratio of 1.42 and a debt-to-equity ratio of 0.93. Applied Industrial Technologies has a 1-year low of $49.45 and a 1-year high of $68.21. The business has a 50 day simple moving average of $65.87 and a two-hundred day simple moving average of $59.51. The company has a market cap of $2.51 billion, a PE ratio of 15.17 and a beta of 1.37.
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.
Read More: What causes a recession?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Applied Industrial Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies and related companies with MarketBeat.com's FREE daily email newsletter.