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Applied Industrial Technologies (AIT) closed the most recent trading day at $131.47, moving -0.47% from the previous trading session. This change lagged the S&P 500’s daily loss of 0.12%. Elsewhere, the Dow gained 0.1%, while the tech-heavy Nasdaq added 0.06%.
Coming into today, shares of the industrial products company had gained 5.61% in the past month. In that same time, the Industrial Products sector gained 8.15%, while the S&P 500 gained 5.93%.
Investors will be hoping for strength from Applied Industrial Technologies as it approaches its next earnings release. On that day, Applied Industrial Technologies is projected to report earnings of $1.70 per share, which would represent year-over-year growth of 16.44%. Meanwhile, our latest consensus estimate is calling for revenue of $985.1 million, up 12.34% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $7.52 per share and revenue of $4.13 billion, which would represent changes of +14.29% and +8.42%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Applied Industrial Technologies. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Applied Industrial Technologies is currently a Zacks Rank #1 (Strong Buy).
Looking at its valuation, Applied Industrial Technologies is holding a Forward P/E ratio of 17.57. This represents a discount compared to its industry’s average Forward P/E of 21.74.
The Manufacturing – General Industrial industry is part of the Industrial Products sector. This industry currently has a Zacks Industry Rank of 144, which puts it in the bottom 43% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow AIT in the coming trading sessions, be sure to utilize Zacks.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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