Applied Industrial Technologies, Inc. (NYSE:AIT – Get Rating) – Analysts at KeyCorp reduced their Q1 2023 earnings estimates for shares of Applied Industrial Technologies in a research report issued to clients and 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 previous estimate 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.
Get Applied Industrial Technologies alerts:Other analysts also recently issued research reports about the company. Robert W. Baird downgraded Applied Industrial Technologies from an "outperform" rating to a "neutral" rating and boosted their price objective for the stock from $115.00 to $129.00 in a research note on Friday, August 12th. StockNews.com cut Applied Industrial Technologies from a "strong-buy" rating to a "buy" rating in a research report on Tuesday.
Applied Industrial Technologies Price Performance
Shares of AIT opened at $102.78 on Friday. Applied Industrial Technologies has a 52 week low of $88.09 and a 52 week high of $121.20. The firm has a market cap of $3.96 billion, a price-to-earnings ratio of 15.27 and a beta of 1.19. The company has a current ratio of 2.72, a quick ratio of 1.82 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average of $105.46 and a 200-day moving average of $101.65.Applied Industrial Technologies (NYSE:AIT – Get Rating) last issued its quarterly 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. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $977.43 million. Applied Industrial Technologies had a return on equity of 24.25% and a net margin of 6.76%. The firm's quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the company earned $1.51 EPS.
Insider Buying and Selling at Applied Industrial Technologies
In other news, Director Vincent K. Petrella sold 3,114 shares of the firm's 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 completion of the transaction, the director now owns 18,666 shares in the company, valued at approximately $2,142,110.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Kurt W. Loring sold 7,146 shares of Applied Industrial Technologies stock in a transaction that occurred on 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 $2,775,041.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Vincent K. Petrella sold 3,114 shares of the business's stock in a transaction that occurred on Thursday, August 18th. The shares were 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 of the company's stock, valued at $2,142,110.16. The disclosure for this sale can be found here. Company insiders own 2.20% of the company's stock.
Institutional Trading of Applied Industrial Technologies
Hedge funds and other institutional investors have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew 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 worth $52,000 after buying an additional 141 shares during the last quarter. CWM LLC grew its stake in shares of Applied Industrial Technologies by 61.8% in the first quarter. CWM LLC now owns 526 shares of the industrial products company's stock worth $54,000 after purchasing an additional 201 shares during the last quarter. Pinebridge Investments L.P. grew its stake in shares of Applied Industrial Technologies by 452.0% in the second quarter. Pinebridge Investments L.P. now owns 552 shares of the industrial products company's stock worth $53,000 after purchasing an additional 452 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of 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 during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in shares of Applied Industrial Technologies in the fourth quarter worth $93,000. 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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