FY2018 EPS Estimates for Applied Industrial Technologies, Inc. (AIT) Lowered by KeyCorp

Applied Industrial Technologies, Inc. (NYSE:AIT) – Equities researchers at KeyCorp reduced their FY2018 EPS estimates for Applied Industrial Technologies in a research note issued on Sunday. KeyCorp analyst S. Barger now anticipates that the industrial products company will earn $3.03 per share for the year, down from their previous forecast of $3.05.

A number of other equities analysts have also recently issued reports on AIT. Wells Fargo & Company reiterated a “market perform” rating and set a $63.00 price objective (down from $67.00) on shares of Applied Industrial Technologies in a research report on Wednesday, July 12th. BidaskClub cut shares of Applied Industrial Technologies from a “hold” rating to a “sell” rating in a research report on Monday, July 24th. Northcoast Research started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a “neutral” rating for the company. Zacks Investment Research upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 price objective for the company in a research report on Monday, August 14th. Finally, ValuEngine upgraded shares of Applied Industrial Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $66.00.

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Applied Industrial Technologies (NYSE:AIT) last posted its quarterly earnings data on Friday, August 11th. The industrial products company reported $1.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.78 by $0.56. The company had revenue of $681.47 million during the quarter, compared to analyst estimates of $680.20 million. Applied Industrial Technologies had a net margin of 5.16% and a return on equity of 15.89%. The company’s revenue was up 7.5% on a year-over-year basis. During the same quarter last year, the business posted $0.66 earnings per share.

In other Applied Industrial Technologies news, VP Mark O. Eisele sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $56.92, for a total value of $341,520.00. Following the completion of the transaction, the vice president now directly owns 159,029 shares in the company, valued at approximately $9,051,930.68. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mark O. Eisele sold 11,854 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $55.76, for a total transaction of $660,979.04. Following the completion of the transaction, the vice president now owns 147,029 shares of the company’s stock, valued at $8,198,337.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,571 shares of company stock valued at $4,070,841. Corporate insiders own 3.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in AIT. BlackRock Inc. increased its position in Applied Industrial Technologies by 84,093.2% in the 1st quarter. BlackRock Inc. now owns 5,566,855 shares of the industrial products company’s stock valued at $344,310,000 after acquiring an additional 5,560,243 shares during the period. Koch Industries Inc. increased its position in Applied Industrial Technologies by 8,147.3% in the 2nd quarter. Koch Industries Inc. now owns 297,728 shares of the industrial products company’s stock valued at $293,000 after acquiring an additional 294,118 shares during the period. Principal Financial Group Inc. increased its position in Applied Industrial Technologies by 51.0% in the 2nd quarter. Principal Financial Group Inc. now owns 717,817 shares of the industrial products company’s stock valued at $42,387,000 after acquiring an additional 242,556 shares during the period. AJO LP acquired a new position in Applied Industrial Technologies in the 2nd quarter valued at approximately $11,749,000. Finally, Vanguard Group Inc. increased its position in Applied Industrial Technologies by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 3,495,544 shares of the industrial products company’s stock valued at $216,199,000 after acquiring an additional 174,201 shares during the period. Hedge funds and other institutional investors own 87.54% of the company’s stock.

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.

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

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