Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) – Equities research analysts at KeyCorp cut their Q3 2023 earnings per share estimates for Applied Industrial Technologies in a research report issued to clients and investors on Tuesday, September 27th. KeyCorp analyst K. Newman now expects that the industrial products company will post earnings of $1.85 per share for the quarter, down from their prior forecast of $1.88. KeyCorp currently has a "Overweight" rating and a $130.00 price target on the stock. The consensus estimate for Applied Industrial Technologies' current full-year earnings is $7.30 per share. KeyCorp also issued estimates for Applied Industrial Technologies' Q1 2024 earnings at $1.77 EPS, Q2 2024 earnings at $1.72 EPS, Q3 2024 earnings at $1.97 EPS, Q4 2024 earnings at $2.22 EPS and FY2024 earnings at $7.67 EPS.

AIT has been the subject of several other reports. StockNews.com lowered Applied Industrial Technologies from a "strong-buy" rating to a "buy" rating in a research report on Tuesday. Robert W. Baird downgraded Applied Industrial Technologies from an "outperform" rating to a "neutral" rating and upped their price target for the stock from $115.00 to $129.00 in a research report on Friday, August 12th.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies (NYSE:AIT – Get Rating) last announced its quarterly earnings data on Thursday, August 11th. The industrial products company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.36. The firm had revenue of $1.06 billion during the quarter, compared to analysts' expectations of $977.43 million. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The company's quarterly revenue was up 18.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.51 EPS.

Insider Activity at Applied Industrial Technologies

In other Applied Industrial Technologies news, Director Vincent K. Petrella sold 3,114 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $114.76, for a total transaction of $357,362.64. Following the transaction, the director now owns 18,666 shares in the company, valued at approximately $2,142,110.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Kurt W. Loring sold 7,146 shares of the firm's stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $112.66, for a total value of $805,068.36. Following the sale, the vice president now directly owns 24,632 shares of the company's stock, valued at $2,775,041.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincent K. Petrella sold 3,114 shares of the firm's stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $114.76, for a total value of $357,362.64. Following the completion of the sale, the director now directly owns 18,666 shares in the company, valued at $2,142,110.16. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.

Institutional Trading of Applied Industrial Technologies

Large investors have recently bought and sold shares of the business. Rockefeller Capital Management L.P. boosted its stake in shares of Applied Industrial Technologies by 38.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 509 shares of the industrial products company's stock valued at $52,000 after purchasing an additional 141 shares in the last quarter. Pinebridge Investments L.P. raised its position in shares of Applied Industrial Technologies by 452.0% during the second quarter. Pinebridge Investments L.P. now owns 552 shares of the industrial products company's stock worth $53,000 after acquiring an additional 452 shares during the last quarter. CWM LLC raised its position in shares of Applied Industrial Technologies by 61.8% during the first quarter. CWM LLC now owns 526 shares of the industrial products company's stock worth $54,000 after acquiring an additional 201 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Applied Industrial Technologies by 284.8% in the second quarter. EverSource Wealth Advisors LLC now owns 735 shares of the industrial products company's stock worth $71,000 after purchasing an additional 544 shares in the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Applied Industrial Technologies in the fourth quarter worth approximately $93,000. 93.10% of the stock is owned by institutional investors and hedge funds.

Applied Industrial Technologies Company Profile

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Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates through two segments, Service Center Based Distribution, and Fluid Power & Flow Control. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.

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