Applied Industrial Technologies (AIT) to Post Q3 2018 Earnings of $0.89 Per Share, Northcoast Research Forecasts

Applied Industrial Technologies (NYSE:AIT) – Stock analysts at Northcoast Research upped their Q3 2018 EPS estimates for shares of Applied Industrial Technologies in a report issued on Wednesday. Northcoast Research analyst R. Cieslak now forecasts that the industrial products company will post earnings per share of $0.89 for the quarter, up from their prior estimate of $0.78. Northcoast Research also issued estimates for Applied Industrial Technologies’ FY2018 earnings at $3.42 EPS.

Other research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Thursday, September 14th. Wellington Shields raised shares of Applied Industrial Technologies from a “hold” rating to a “gradually accumulate” rating in a research report on Wednesday, December 27th. Finally, ValuEngine lowered shares of Applied Industrial Technologies from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $70.50.

Applied Industrial Technologies (NYSE:AIT) traded down $1.25 during trading on Thursday, reaching $69.35. 367,200 shares of the company’s stock were exchanged, compared to its average volume of 309,257. The firm has a market cap of $2,730.00, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.84 and a beta of 0.93. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.83 and a current ratio of 3.13. Applied Industrial Technologies has a 52-week low of $54.00 and a 52-week high of $71.60.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.10. The firm had revenue of $680.70 million during the quarter, compared to analyst estimates of $668.18 million. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 EPS.

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its position in Applied Industrial Technologies by 0.5% in the second quarter. BlackRock Inc. now owns 5,592,219 shares of the industrial products company’s stock worth $330,220,000 after purchasing an additional 25,364 shares in the last quarter. Vanguard Group Inc. raised its position in Applied Industrial Technologies by 4.8% in the second quarter. Vanguard Group Inc. now owns 3,662,402 shares of the industrial products company’s stock worth $216,264,000 after purchasing an additional 166,858 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Applied Industrial Technologies by 6.2% in the third quarter. Dimensional Fund Advisors LP now owns 1,178,032 shares of the industrial products company’s stock worth $77,513,000 after purchasing an additional 68,270 shares in the last quarter. State Street Corp raised its position in Applied Industrial Technologies by 11.2% in the second quarter. State Street Corp now owns 1,003,427 shares of the industrial products company’s stock worth $59,253,000 after purchasing an additional 101,228 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Applied Industrial Technologies by 6.2% in the third quarter. Victory Capital Management Inc. now owns 984,997 shares of the industrial products company’s stock worth $64,813,000 after purchasing an additional 57,789 shares in the last quarter. 87.89% of the stock is owned by institutional investors and hedge funds.

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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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