Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) – Equities researchers at Zacks Research increased their FY2023 EPS estimates for Applied Industrial Technologies in a note issued to investors on Thursday, May 11th. Zacks Research analyst E. Haque now expects that the industrial products company will post earnings of $8.55 per share for the year, up from their prior forecast of $8.19. The consensus estimate for Applied Industrial Technologies’ current full-year earnings is $8.59 per share. Zacks Research also issued estimates for Applied Industrial Technologies’ Q4 2023 earnings at $2.15 EPS, Q3 2024 earnings at $2.20 EPS, Q1 2025 earnings at $2.10 EPS and Q3 2025 earnings at $2.16 EPS.
A number of other research firms have also recently commented on AIT. StockNews.com assumed coverage on shares of Applied Industrial Technologies in a research report on Thursday, March 16th. They set a “buy” rating on the stock. Robert W. Baird boosted their target price on shares of Applied Industrial Technologies from $160.00 to $161.00 in a research report on Friday, April 28th. KeyCorp boosted their target price on shares of Applied Industrial Technologies from $138.00 to $162.00 and gave the stock an “overweight” rating in a research report on Friday, January 27th. Finally, Loop Capital boosted their target price on shares of Applied Industrial Technologies from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, January 27th.
Applied Industrial Technologies Trading Up 1.2 %
NYSE AIT opened at $129.19 on Monday. The company’s fifty day simple moving average is $134.88 and its 200-day simple moving average is $132.38. Applied Industrial Technologies has a 52 week low of $88.09 and a 52 week high of $149.42. The company has a current ratio of 3.14, a quick ratio of 2.04 and a debt-to-equity ratio of 0.43. The stock has a market cap of $4.99 billion, a P/E ratio of 15.18 and a beta of 1.19.
Applied Industrial Technologies Announces Dividends
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 31st. Investors of record on Monday, May 15th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, May 12th. This represents a $1.40 annualized dividend and a yield of 1.08%. Applied Industrial Technologies’s dividend payout ratio is presently 16.45%.
Insider Activity at Applied Industrial Technologies
In related news, CEO Neil A. Schrimsher sold 21,526 shares of the company’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total value of $3,122,561.56. Following the sale, the chief executive officer now directly owns 318,218 shares of the company’s stock, valued at $46,160,703.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 4,186 shares of the business’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $145.00, for a total transaction of $606,970.00. Following the completion of the sale, the chief executive officer now owns 339,744 shares in the company, valued at $49,262,880. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Neil A. Schrimsher sold 21,526 shares of the business’s stock in a transaction on Monday, March 6th. The shares were sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the sale, the chief executive officer now owns 318,218 shares of the company’s stock, valued at approximately $46,160,703.08. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Applied Industrial Technologies
Institutional investors have recently modified their holdings of the company. FinTrust Capital Advisors LLC bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth about $25,000. Point72 Middle East FZE bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth about $28,000. State of Wyoming bought a new position in shares of Applied Industrial Technologies during the fourth quarter worth about $29,000. Wipfli Financial Advisors LLC bought a new position in shares of Applied Industrial Technologies during the third quarter worth about $31,000. Finally, Ellevest Inc. grew its position in shares of Applied Industrial Technologies by 30.7% during the third quarter. Ellevest Inc. now owns 370 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 87 shares during the last quarter. Institutional investors own 92.02% of the company’s stock.
Applied Industrial Technologies Company Profile
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Applied Industrial Technologies, Inc engages in the manufacture and distribution of industrial parts and products. It operates through the Service Center Based Distribution, and Fluid Power & Flow Control Business segments. The Service Center-Based Distribution segment provides customers with a wide range of industrial products through a network of service centers.
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