Applied Industrial Technologies to Post Q3 2019 Earnings of $1.18 Per Share, KeyCorp Forecasts (AIT)

Applied Industrial Technologies (NYSE:AIT) – Investment analysts at KeyCorp lifted their Q3 2019 earnings per share estimates for shares of Applied Industrial Technologies in a note issued to investors on Wednesday, October 31st. KeyCorp analyst S. Barger now anticipates that the industrial products company will post earnings of $1.18 per share for the quarter, up from their prior estimate of $1.15. KeyCorp also issued estimates for Applied Industrial Technologies’ Q4 2019 earnings at $1.33 EPS.

AIT has been the subject of several other research reports. Zacks Investment Research downgraded shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Wellington Shields raised shares of Applied Industrial Technologies from a “gradually accumulate” rating to a “buy” rating in a research report on Monday, August 13th. Northcoast Research reaffirmed a “neutral” rating on shares of Applied Industrial Technologies in a research report on Friday, August 10th. Wells Fargo & Co reduced their price objective on shares of Applied Industrial Technologies from $80.00 to $75.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, ValuEngine raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Applied Industrial Technologies presently has an average rating of “Hold” and an average target price of $79.00.

Shares of AIT stock opened at $66.84 on Friday. The company has a market cap of $2.55 billion, a PE ratio of 16.07, a P/E/G ratio of 1.14 and a beta of 1.12. Applied Industrial Technologies has a 52 week low of $59.65 and a 52 week high of $82.35. The company has a debt-to-equity ratio of 1.09, a current ratio of 2.76 and a quick ratio of 1.47.

Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 31st. The industrial products company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.12 by $0.12. The company had revenue of $864.50 million during the quarter, compared to the consensus estimate of $874.74 million. Applied Industrial Technologies had a net margin of 4.82% and a return on equity of 19.66%. The company’s quarterly revenue was up 27.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 EPS.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Thursday, November 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.80%. The ex-dividend date is Wednesday, November 14th. Applied Industrial Technologies’s payout ratio is currently 32.09%.

In related news, Director L Thomas Hiltz sold 12,500 shares of Applied Industrial Technologies stock in a transaction on Monday, August 20th. The shares were sold at an average price of $77.15, for a total value of $964,375.00. Following the completion of the sale, the director now owns 1,544 shares of the company’s stock, valued at approximately $119,119.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Amalgamated Bank grew its position in Applied Industrial Technologies by 13.0% in the 2nd quarter. Amalgamated Bank now owns 6,223 shares of the industrial products company’s stock valued at $437,000 after purchasing an additional 715 shares during the period. Piedmont Investment Advisors LLC lifted its stake in Applied Industrial Technologies by 9.0% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 9,009 shares of the industrial products company’s stock valued at $632,000 after acquiring an additional 743 shares in the last quarter. LPL Financial LLC lifted its stake in Applied Industrial Technologies by 28.9% during the 1st quarter. LPL Financial LLC now owns 4,010 shares of the industrial products company’s stock valued at $288,000 after acquiring an additional 900 shares in the last quarter. MetLife Investment Advisors LLC lifted its stake in Applied Industrial Technologies by 5.5% during the 2nd quarter. MetLife Investment Advisors LLC now owns 17,422 shares of the industrial products company’s stock valued at $1,222,000 after acquiring an additional 903 shares in the last quarter. Finally, Summit Global Investments lifted its stake in Applied Industrial Technologies by 12.2% during the 2nd quarter. Summit Global Investments now owns 9,200 shares of the industrial products company’s stock valued at $645,000 after acquiring an additional 1,000 shares in the last quarter. 89.36% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies, Inc distributes industrial products in North America, Australia, New Zealand, and Singapore. The company offers its products for maintenance, repair, and operational, as well as original equipment manufacturing customers. It operates in two segments, Service Center Based Distribution, and Fluid Power and Flow Control.

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

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