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Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) – Analysts at KeyCorp reduced their Q3 2023 EPS estimates for Applied Industrial Technologies in a research report issued to clients and investors on Sunday, April 9th. KeyCorp analyst K. Newman now anticipates that the industrial products company will post earnings per share of $2.19 for the quarter, down from their prior forecast of $2.23. KeyCorp has an “Overweight” rating and a $162.00 price objective on the stock. The consensus estimate for Applied Industrial Technologies’ current full-year earnings is $8.34 per share. KeyCorp also issued estimates for Applied Industrial Technologies’ Q4 2023 earnings at $2.21 EPS, FY2023 earnings at $8.42 EPS and FY2024 earnings at $9.07 EPS.

Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its earnings results on Thursday, January 26th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.34. Applied Industrial Technologies had a net margin of 7.32% and a return on equity of 25.58%. The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $996.44 million. During the same quarter last year, the business earned $1.46 earnings per share. The business’s revenue was up 22.1% on a year-over-year basis.

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AIT has been the topic of several other research reports. StockNews.com initiated coverage on shares of Applied Industrial Technologies in a report on Thursday, March 16th. They issued a “buy” rating on the stock. Loop Capital raised their target price on shares of Applied Industrial Technologies from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Friday, January 27th. Finally, Robert W. Baird upgraded shares of Applied Industrial Technologies from a “neutral” rating to an “outperform” rating and set a $160.00 target price on the stock in a report on Friday, March 17th.

Applied Industrial Technologies Stock Up 1.5 %

Shares of Applied Industrial Technologies stock opened at $134.71 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.01 and a current ratio of 3.18. Applied Industrial Technologies has a 52-week low of $88.09 and a 52-week high of $149.42. The stock has a market capitalization of $5.20 billion, a price-to-earnings ratio of 17.29 and a beta of 1.20. The company’s 50-day moving average price is $139.09 and its 200-day moving average price is $128.36.

Applied Industrial Technologies Increases Dividends

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 28th. Investors of record on Wednesday, February 15th were paid a $0.35 dividend. This is a positive change from Applied Industrial Technologies’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $1.40 dividend on an annualized basis and a yield of 1.04%. Applied Industrial Technologies’s dividend payout ratio (DPR) is presently 17.97%.

Insider Buying and Selling

In other Applied Industrial Technologies news, CEO Neil A. Schrimsher sold 21,526 shares of the firm’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $145.06, for a total transaction of $3,122,561.56. Following the completion of the transaction, the chief executive officer now owns 318,218 shares of the company’s stock, valued at $46,160,703.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. In other news, CEO Neil A. Schrimsher sold 4,186 shares of the firm’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $145.00, for a total transaction of $606,970.00. Following the completion of the transaction, the chief executive officer now directly owns 339,744 shares in the company, valued at $49,262,880. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Neil A. Schrimsher sold 21,526 shares of Applied Industrial Technologies stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $145.06, for a total value of $3,122,561.56. Following the completion of the sale, the chief executive officer now owns 318,218 shares of the company’s stock, valued at $46,160,703.08. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Applied Industrial Technologies

Several large investors have recently bought and sold shares of the business. Metropolitan Life Insurance Co NY grew its stake in shares of Applied Industrial Technologies by 3.2% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 2,351 shares of the industrial products company’s stock valued at $296,000 after purchasing an additional 72 shares during the period. Ellevest Inc. grew its stake in shares of Applied Industrial Technologies by 30.7% during the 3rd quarter. Ellevest Inc. now owns 370 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 87 shares during the period. Captrust Financial Advisors grew its stake in shares of Applied Industrial Technologies by 2.9% during the 2nd quarter. Captrust Financial Advisors now owns 3,404 shares of the industrial products company’s stock valued at $327,000 after purchasing an additional 97 shares during the period. Van ECK Associates Corp grew its stake in shares of Applied Industrial Technologies by 9.9% during the 3rd quarter. Van ECK Associates Corp now owns 1,114 shares of the industrial products company’s stock valued at $114,000 after purchasing an additional 100 shares during the period. Finally, Meritage Portfolio Management grew its stake in shares of Applied Industrial Technologies by 3.6% during the 4th quarter. Meritage Portfolio Management now owns 3,196 shares of the industrial products company’s stock valued at $403,000 after purchasing an additional 112 shares during the period. 92.02% of the stock is currently owned by institutional investors.

About Applied Industrial Technologies

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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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Earnings History and Estimates for Applied Industrial Technologies (NYSE:AIT)

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