Applied Industrial Technologies, Inc. (AIT) Expected to Announce Quarterly Sales of $637.10 Million

Brokerages expect Applied Industrial Technologies, Inc. (NYSE:AIT) to report $637.10 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have made estimates for Applied Industrial Technologies’ earnings. The highest sales estimate is $642.10 million and the lowest is $632.10 million. Applied Industrial Technologies posted sales of $608.12 million in the same quarter last year, which would indicate a positive year over year growth rate of 4.8%. The firm is scheduled to issue its next quarterly earnings report on Thursday, January 25th.

According to Zacks, analysts expect that Applied Industrial Technologies will report full-year sales of $637.10 million for the current year, with estimates ranging from $2.70 billion to $2.72 billion. For the next fiscal year, analysts anticipate that the company will report sales of $3.34 billion per share, with estimates ranging from $2.84 billion to $3.84 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Applied Industrial Technologies.

Applied Industrial Technologies (NYSE:AIT) last posted its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.10. The firm had revenue of $680.70 million during the quarter, compared to analyst estimates of $668.18 million. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. Applied Industrial Technologies’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS.

AIT has been the topic of a number of research analyst reports. Wells Fargo & Company reissued a “market perform” rating and set a $63.00 price objective (down previously from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. BidaskClub lowered shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a report on Monday, July 24th. Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a report on Tuesday, July 25th. They set a “neutral” rating on the stock. Zacks Investment Research raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Monday, August 14th. Finally, ValuEngine raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, September 6th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $66.00.

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In other news, VP Mark O. Eisele sold 8,926 shares of the firm’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $54.42, for a total value of $485,752.92. Following the transaction, the vice president now owns 135,029 shares of the company’s stock, valued at approximately $7,348,278.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark O. Eisele sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $56.11, for a total transaction of $336,660.00. Following the completion of the transaction, the vice president now directly owns 153,029 shares in the company, valued at approximately $8,586,457.19. The disclosure for this sale can be found here. Insiders sold a total of 73,571 shares of company stock worth $4,070,841 in the last ninety days. Insiders own 3.70% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of AIT. UBS Asset Management Americas Inc. boosted its stake in shares of Applied Industrial Technologies by 42.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 20,924 shares of the industrial products company’s stock valued at $1,294,000 after purchasing an additional 6,261 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Applied Industrial Technologies by 2.4% in the 1st quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock valued at $170,000 after purchasing an additional 64 shares during the last quarter. FMR LLC boosted its stake in shares of Applied Industrial Technologies by 18.1% in the 1st quarter. FMR LLC now owns 523,824 shares of the industrial products company’s stock valued at $32,399,000 after purchasing an additional 80,171 shares during the last quarter. Teachers Advisors LLC boosted its stake in shares of Applied Industrial Technologies by 5.6% in the 1st quarter. Teachers Advisors LLC now owns 63,677 shares of the industrial products company’s stock valued at $3,938,000 after purchasing an additional 3,349 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in shares of Applied Industrial Technologies by 16.0% in the 1st quarter. TIAA CREF Investment Management LLC now owns 182,842 shares of the industrial products company’s stock valued at $11,309,000 after purchasing an additional 25,168 shares during the last quarter. 87.03% of the stock is currently owned by institutional investors.

Shares of Applied Industrial Technologies (NYSE AIT) opened at 65.20 on Friday. Applied Industrial Technologies has a 52 week low of $48.30 and a 52 week high of $70.05. The stock has a 50 day moving average of $62.95 and a 200-day moving average of $60.28. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 19.18 and a beta of 0.95.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Wednesday, November 15th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Tuesday, November 14th. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 32.58%.

About Applied Industrial Technologies

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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Earnings History and Estimates for Applied Industrial Technologies (NYSE:AIT)

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