Applied Industrial Technologies (AIT) Stock Sinks As Market Gains: What You Should Know – Zacks Investment Research
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Applied Industrial Technologies (AIT – Free Report) closed at $124.52 in the latest trading session, marking a -0.32% move from the prior day. This change lagged the S&P 500’s 0.75% gain on the day. At the same time, the Dow added 0.4%, and the tech-heavy Nasdaq gained 10.36%.
Coming into today, shares of the industrial products company had lost 1.14% in the past month. In that same time, the Industrial Products sector lost 3.81%, while the S&P 500 lost 5.98%.
Applied Industrial Technologies will be looking to display strength as it nears its next earnings release. In that report, analysts expect Applied Industrial Technologies to post earnings of $1.70 per share. This would mark year-over-year growth of 16.44%. Our most recent consensus estimate is calling for quarterly revenue of $982.46 million, up 12.04% from the year-ago period.
AIT’s full-year Zacks Consensus Estimates are calling for earnings of $7.52 per share and revenue of $4.13 billion. These results would represent year-over-year changes of +14.29% and +8.26%, respectively.
It is also important to note the recent changes to analyst estimates for Applied Industrial Technologies. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Applied Industrial Technologies is currently sporting a Zacks Rank of #3 (Hold).
Valuation is also important, so investors should note that Applied Industrial Technologies has a Forward P/E ratio of 16.61 right now. This represents a discount compared to its industry’s average Forward P/E of 18.83.
The Manufacturing – General Industrial industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 64, putting it in the top 26% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AIT in the coming trading sessions, be sure to utilize Zacks.com.
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