Applied Industrial Technologies (AIT) to Post Q3 2018 Earnings of $0.91 Per Share, Northcoast Research Forecasts

Applied Industrial Technologies (NYSE:AIT) – Stock analysts at Northcoast Research increased their Q3 2018 earnings estimates for Applied Industrial Technologies in a research note issued to investors on Friday. Northcoast Research analyst R. Cieslak now forecasts that the industrial products company will post earnings of $0.91 per share for the quarter, up from their prior forecast of $0.89. Northcoast Research also issued estimates for Applied Industrial Technologies’ FY2018 earnings at $3.45 EPS.

A number of other research analysts have also issued reports on the stock. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Tuesday, January 23rd. Wellington Shields upgraded shares of Applied Industrial Technologies to a “hold” rating in a report on Tuesday, January 2nd. Finally, ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. One equities research 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 stock has a consensus rating of “Hold” and a consensus target price of $71.00.

Shares of Applied Industrial Technologies (AIT) traded down $1.20 during midday trading on Monday, reaching $73.60. 47,992 shares of the company were exchanged, compared to its average volume of 273,640. The company has a market cap of $2,889.00, a price-to-earnings ratio of 20.00, a PEG ratio of 1.80 and a beta of 0.93. Applied Industrial Technologies has a 1-year low of $54.00 and a 1-year high of $75.35. The company has a current ratio of 3.33, a quick ratio of 1.90 and a debt-to-equity ratio of 0.39.

Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, January 25th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. The business had revenue of $667.19 million during the quarter, compared to analyst estimates of $651.05 million. Applied Industrial Technologies had a net margin of 5.43% and a return on equity of 16.53%.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 28th. Investors of record on Thursday, February 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date of this dividend is Wednesday, February 14th. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.29. Applied Industrial Technologies’s dividend payout ratio (DPR) is 31.02%.

A number of hedge funds and other institutional investors have recently modified their holdings of AIT. Hartford Investment Management Co. acquired a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $207,000. Teacher Retirement System of Texas acquired a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $212,000. Riverhead Capital Management LLC increased its position in Applied Industrial Technologies by 57.0% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock valued at $195,000 after purchasing an additional 1,198 shares during the period. Ameritas Investment Partners Inc. increased its position in Applied Industrial Technologies by 7.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock valued at $199,000 after purchasing an additional 226 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in Applied Industrial Technologies during the 3rd quarter valued at approximately $223,000. Institutional investors and hedge funds own 87.94% of the company’s stock.

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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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