Applied Industrial Technologies (AIT) Expected to Post Earnings of $0.62 Per Share
Analysts expect Applied Industrial Technologies (NYSE:AIT) to announce $0.62 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Applied Industrial Technologies’ earnings. Applied Industrial Technologies posted earnings of $0.65 per share during the same quarter last year, which would suggest a negative year over year growth rate of 4.6%. The business is expected to issue its next earnings report before the market opens on Thursday, April 27th.
On average, analysts expect that Applied Industrial Technologies will report full year earnings of $2.60 per share for the current fiscal year. For the next fiscal year, analysts anticipate that the business will post earnings of $2.80 per share. Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for Applied Industrial Technologies.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings data on Thursday, January 26th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.02. Applied Industrial Technologies had a return on equity of 15.34% and a net margin of 1.31%. The company earned $608.10 million during the quarter, compared to the consensus estimate of $602.34 million. During the same period last year, the company earned $0.61 earnings per share. The firm’s revenue was down .4% compared to the same quarter last year.
Separately, Zacks Investment Research cut Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, March 28th.
Shares of Applied Industrial Technologies (NYSE:AIT) traded down 1.09% during trading on Tuesday, hitting $58.85. The stock had a trading volume of 65,028 shares. The firm has a 50-day moving average price of $61.42 and a 200 day moving average price of $58.08. The company has a market capitalization of $2.29 billion, a PE ratio of 70.65 and a beta of 0.89. Applied Industrial Technologies has a 52 week low of $42.63 and a 52 week high of $66.65.
In other news, Director Peter C. Wallace sold 2,000 shares of the company’s stock in a transaction dated Friday, February 10th. The stock was sold at an average price of $61.58, for a total value of $123,160.00. Following the completion of the transaction, the director now directly owns 22,720 shares in the company, valued at approximately $1,399,097.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director L Thomas Hiltz sold 3,277 shares of the company’s stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $60.89, for a total value of $199,536.53. Following the completion of the transaction, the director now owns 14,217 shares of the company’s stock, valued at $865,673.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,247 shares of company stock valued at $564,867. 4.40% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Tyers Asset Management LLC purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $135,000. Envestnet Asset Management Inc. boosted its position in Applied Industrial Technologies by 6.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,677 shares of the industrial products company’s stock worth $159,000 after buying an additional 161 shares during the last quarter. Flinton Capital Management LLC purchased a new position in Applied Industrial Technologies during the fourth quarter worth about $164,000. Pacad Investment Ltd. boosted its position in Applied Industrial Technologies by 1,450.0% in the fourth quarter. Pacad Investment Ltd. now owns 3,100 shares of the industrial products company’s stock worth $184,000 after buying an additional 2,900 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new position in Applied Industrial Technologies during the third quarter worth about $216,000. Hedge funds and other institutional investors own 89.31% of the company’s stock.
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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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