Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) – Analysts at KeyCorp dropped their Q1 2023 earnings per share (EPS) estimates for shares of Applied Industrial Technologies in a research note issued to investors on Tuesday, September 27th. KeyCorp analyst K. Newman now anticipates that the industrial products company will post earnings of $1.64 per share for the quarter, down from their prior forecast of $1.69. KeyCorp 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' Q4 2023 earnings at $2.07 EPS and FY2023 earnings at $7.19 EPS.

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

Applied Industrial Technologies Stock Performance

AIT opened at $102.78 on Friday. The company has a market cap of $3.96 billion, a PE ratio of 15.27 and a beta of 1.19. The stock has a 50-day moving average of $105.46 and a 200-day moving average of $101.65. Applied Industrial Technologies has a 52-week low of $88.09 and a 52-week high of $121.20. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.82 and a current ratio of 2.72.

Insider Buying and Selling at Applied Industrial Technologies

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

Hedge Funds Weigh In On Applied Industrial Technologies

Several hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors grew its holdings in shares of Applied Industrial Technologies by 2.9% in the 2nd quarter. Captrust Financial Advisors now owns 3,404 shares of the industrial products company's stock valued at $327,000 after acquiring an additional 97 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Applied Industrial Technologies by 0.5% in the 1st quarter. Louisiana State Employees Retirement System now owns 18,700 shares of the industrial products company's stock valued at $1,927,000 after acquiring an additional 100 shares in the last quarter. Maryland State Retirement & Pension System grew its holdings in shares of Applied Industrial Technologies by 0.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 15,421 shares of the industrial products company's stock valued at $1,583,000 after acquiring an additional 121 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in 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 worth $52,000 after purchasing an additional 141 shares during the period. Finally, Commonwealth Equity Services LLC grew its holdings in Applied Industrial Technologies by 3.7% during the second quarter. Commonwealth Equity Services LLC now owns 4,636 shares of the industrial products company's stock worth $445,000 after purchasing an additional 164 shares during the period. Institutional investors own 93.10% of the company's stock.

About Applied Industrial Technologies

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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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