Yahoo Finance Applied Industrial Technologies (AIT) Stock Moves -0.22%: What You Should Know
In the latest market close, Applied Industrial Technologies (AIT) reached $183.99, with a -0.22% movement compared to the previous day. This change traded in line with S&P 500. Meanwhile, the Dow experienced a rise of 0.06%, and the technology-dominated Nasdaq saw a decrease of 0.52%.
The the stock of industrial products company has fallen by 6.3% in the past month, lagging the Industrial Products sector's loss of 0.68% and the S&P 500's loss of 1.66%.
Market participants will be closely following the financial results of Applied Industrial Technologies in its upcoming release. The company plans to announce its earnings on April 25, 2024. The company is forecasted to report an EPS of $2.40, showcasing a 0.84% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.16 billion, indicating a 2.35% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $9.49 per share and revenue of $4.53 billion, which would represent changes of +8.46% and +2.6%, respectively, from the prior year.
Any recent changes to analyst estimates for Applied Industrial Technologies should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.74% upward. As of now, Applied Industrial Technologies holds a Zacks Rank of #1 (Strong Buy).
With respect to valuation, Applied Industrial Technologies is currently being traded at a Forward P/E ratio of 19.43. This valuation marks a premium compared to its industry's average Forward P/E of 19.22.
It's also important to note that AIT currently trades at a PEG ratio of 1.94. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Manufacturing - General Industrial industry had an average PEG ratio of 2.21 as trading concluded yesterday.
The Manufacturing - General Industrial industry is part of the Industrial Products sector. With its current Zacks Industry Rank of 55, this industry ranks in the top 22% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
