Applied Industrial Technologies (AIT) Scheduled to Post Quarterly Earnings on Thursday – MarketBeat

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Applied Industrial Technologies (NYSE:AIT – Get Rating) is set to release its earnings data before the market opens on Thursday, October 27th. Analysts expect Applied Industrial Technologies to post earnings of $1.64 per share for the quarter. Applied Industrial Technologies has set its FY23 guidance at $6.65-7.30 EPS.Parties interested in participating in the company’s conference call can do so using this link.
Applied Industrial Technologies (NYSE:AIT – Get Rating) last announced its quarterly earnings results on Thursday, August 11th. The industrial products company reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.34. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $977.43 million. During the same period in the prior year, the firm earned $1.51 EPS. The business’s quarterly revenue was up 18.5% on a year-over-year basis. On average, analysts expect Applied Industrial Technologies to post $7 EPS for the current fiscal year and $8 EPS for the next fiscal year.

Applied Industrial Technologies Trading Down 0.7 %

NYSE:AIT opened at $111.49 on Thursday. Applied Industrial Technologies has a 12-month low of $88.09 and a 12-month high of $121.20. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.72 and a quick ratio of 1.82. The business has a 50 day simple moving average of $107.79 and a 200 day simple moving average of $102.39. The firm has a market capitalization of $4.30 billion, a P/E ratio of 16.92 and a beta of 1.13.

Insider Activity at Applied Industrial Technologies

In other news, Director Vincent K. Petrella sold 3,114 shares of the company’s stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $114.76, for a total value of $357,362.64. Following the completion of the sale, the director now directly owns 18,666 shares of the company’s stock, valued at approximately $2,142,110.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Kurt W. Loring sold 7,146 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $112.66, for a total transaction of $805,068.36. Following the completion of the transaction, the vice president now owns 24,632 shares of the company’s stock, valued at $2,775,041.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Vincent K. Petrella sold 3,114 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $114.76, for a total transaction of $357,362.64. Following the completion of the sale, the director now owns 18,666 shares in the company, valued at $2,142,110.16. The disclosure for this sale can be found here. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds have recently made changes to their positions in the business. UBS Group AG lifted its stake in Applied Industrial Technologies by 18.3% during the first quarter. UBS Group AG now owns 1,821 shares of the industrial products company’s stock valued at $187,000 after purchasing an additional 282 shares during the last quarter. Point72 Hong Kong Ltd boosted its stake in shares of Applied Industrial Technologies by 106.3% during the 1st quarter. Point72 Hong Kong Ltd now owns 1,877 shares of the industrial products company’s stock worth $193,000 after acquiring an additional 967 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Applied Industrial Technologies in the 1st quarter worth $223,000. Ancora Advisors LLC raised its position in shares of Applied Industrial Technologies by 21.1% during the first quarter. Ancora Advisors LLC now owns 2,875 shares of the industrial products company’s stock worth $262,000 after purchasing an additional 500 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Applied Industrial Technologies during the first quarter valued at $271,000. Institutional investors and hedge funds own 93.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. KeyCorp lowered their price target on shares of Applied Industrial Technologies from $140.00 to $130.00 and set an “overweight” rating for the company in a research report on Wednesday, September 28th. Robert W. Baird lowered shares of Applied Industrial Technologies from an “outperform” rating to a “neutral” rating and raised their price target for the company from $115.00 to $129.00 in a research note on Friday, August 12th. Finally, StockNews.com assumed coverage on Applied Industrial Technologies in a research report on Wednesday, October 12th. They set a “buy” rating for the company.

About Applied Industrial Technologies

(Get Rating)
Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.

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Earnings History for Applied Industrial Technologies (NYSE:AIT)
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