Applied Industrial Technologies, Inc. (AIT) Expected to Post Quarterly Sales of $667.45 Million

Wall Street brokerages expect that Applied Industrial Technologies, Inc. (NYSE:AIT) will post sales of $667.45 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Applied Industrial Technologies’ earnings, with estimates ranging from $663.20 million to $671.70 million. Applied Industrial Technologies posted sales of $624.85 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.8%. The company is expected to announce its next earnings results on Wednesday, October 25th.

On average, analysts expect that Applied Industrial Technologies will report full-year sales of $667.45 million for the current financial year, with estimates ranging from $2.70 billion to $2.72 billion. For the next year, analysts anticipate that the company will report sales of $3.34 billion per share, with estimates ranging from $2.84 billion to $3.84 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Applied Industrial Technologies.

Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.56. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The company had revenue of $681.47 million during the quarter, compared to analysts’ expectations of $680.20 million. During the same period in the prior year, the company posted $0.66 earnings per share. Applied Industrial Technologies’s revenue for the quarter was up 7.5% compared to the same quarter last year.

Several brokerages recently commented on AIT. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a research note on Wednesday, July 12th. BidaskClub downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Thursday, August 24th. Finally, Northcoast Research initiated coverage on shares of Applied Industrial Technologies in a research note on Tuesday, July 25th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $62.50.

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Shares of Applied Industrial Technologies (NYSE AIT) opened at 57.00 on Friday. The firm has a market capitalization of $2.23 billion, a PE ratio of 16.76 and a beta of 0.95. The stock’s 50 day moving average is $56.31 and its 200 day moving average is $60.08. Applied Industrial Technologies has a 52-week low of $43.50 and a 52-week high of $69.00.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date of this dividend was Friday, August 11th. Applied Industrial Technologies’s dividend payout ratio is presently 34.12%.

In related news, VP Mark O. Eisele sold 4,939 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $55.91, for a total value of $276,139.49. Following the transaction, the vice president now owns 106,090 shares in the company, valued at approximately $5,931,491.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark O. Eisele sold 11,854 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $55.76, for a total transaction of $660,979.04. Following the completion of the transaction, the vice president now owns 147,029 shares in the company, valued at approximately $8,198,337.04. The disclosure for this sale can be found here. Insiders sold a total of 73,571 shares of company stock worth $4,070,841 over the last ninety days. Insiders own 4.40% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Teachers Advisors LLC boosted its position in shares of Applied Industrial Technologies by 5.6% in the fourth quarter. Teachers Advisors LLC now owns 60,328 shares of the industrial products company’s stock worth $3,583,000 after buying an additional 3,178 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Applied Industrial Technologies by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 4,320 shares of the industrial products company’s stock worth $267,000 after buying an additional 90 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of Applied Industrial Technologies by 30.7% in the first quarter. Russell Investments Group Ltd. now owns 41,157 shares of the industrial products company’s stock worth $2,545,000 after buying an additional 9,668 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Applied Industrial Technologies by 6.3% in the first quarter. Great West Life Assurance Co. Can now owns 54,299 shares of the industrial products company’s stock worth $3,355,000 after buying an additional 3,208 shares during the last quarter. Finally, Tyers Asset Management LLC boosted its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock worth $149,000 after buying an additional 140 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc is an industrial distributor in North America, Australia and New Zealand, serving maintenance, repair and operations (MRO), and original equipment manufacturing customers in various industries. In addition, the Company provides engineering, design, and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, and fluid power shop services.

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

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