Applied Industrial Technologies (AIT) Expected to Announce Quarterly Sales of $909.70 Million

Equities research analysts forecast that Applied Industrial Technologies (NYSE:AIT) will announce $909.70 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Applied Industrial Technologies’ earnings. The lowest sales estimate is $903.80 million and the highest is $915.60 million. Applied Industrial Technologies reported sales of $827.67 million in the same quarter last year, which would suggest a positive year over year growth rate of 9.9%. The business is expected to report its next earnings results on Thursday, April 25th.

According to Zacks, analysts expect that Applied Industrial Technologies will report full-year sales of $3.53 billion for the current financial year, with estimates ranging from $3.52 billion to $3.54 billion. For the next financial year, analysts forecast that the company will report sales of $3.68 billion, with estimates ranging from $3.67 billion to $3.68 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Applied Industrial Technologies.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings results on Thursday, January 24th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.06 by ($0.07). Applied Industrial Technologies had a return on equity of 20.03% and a net margin of 4.80%. The company had revenue of $840.00 million during the quarter, compared to the consensus estimate of $855.94 million. During the same quarter in the prior year, the business earned $0.79 earnings per share. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis.

Several research firms have recently issued reports on AIT. Zacks Investment Research lowered Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, January 23rd. KeyCorp upgraded Applied Industrial Technologies from a “sector weight” rating to an “overweight” rating in a research report on Tuesday, January 15th. Wellington Shields lowered Applied Industrial Technologies from a “buy” rating to a “gradually accumulate” rating in a research report on Thursday, January 24th. Finally, Wells Fargo & Co reduced their price target on Applied Industrial Technologies from $75.00 to $60.00 and set a “market perform” rating on the stock in a research report on Friday, December 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. Applied Industrial Technologies currently has a consensus rating of “Hold” and a consensus price target of $71.50.

Shares of NYSE:AIT remained flat at $$58.34 during midday trading on Tuesday. The stock had a trading volume of 121,533 shares, compared to its average volume of 234,036. Applied Industrial Technologies has a 1-year low of $50.56 and a 1-year high of $82.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.75 and a quick ratio of 1.61. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 15.60, a P/E/G ratio of 1.10 and a beta of 1.29.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 28th. Investors of record on Friday, February 15th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.13%. The ex-dividend date was Thursday, February 14th. This is an increase from Applied Industrial Technologies’s previous quarterly dividend of $0.30. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 33.16%.

Institutional investors have recently modified their holdings of the stock. Quantamental Technologies LLC acquired a new stake in Applied Industrial Technologies during the 4th quarter worth $113,000. First Mercantile Trust Co. raised its stake in Applied Industrial Technologies by 11.1% during the 4th quarter. First Mercantile Trust Co. now owns 2,200 shares of the industrial products company’s stock worth $119,000 after buying an additional 220 shares during the period. BlueMountain Capital Management LLC raised its stake in Applied Industrial Technologies by 182.4% during the 3rd quarter. BlueMountain Capital Management LLC now owns 2,649 shares of the industrial products company’s stock worth $207,000 after buying an additional 1,711 shares during the period. Ifrah Financial Services Inc. acquired a new stake in Applied Industrial Technologies during the 3rd quarter worth $214,000. Finally, Zeke Capital Advisors LLC acquired a new stake in Applied Industrial Technologies during the 3rd quarter worth $228,000. 88.53% of the stock is currently owned by institutional investors and hedge funds.

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.

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