Applied Industrial Technologies AIT acquired Advanced Motion Systems Inc. (“AMS”), expanding its automation platform. AMS is an automation products, services and engineered solutions provider based in Rochester, NY. Terms of the deal were kept under wraps.
With strong solutions capabilities in machine vision, motion control and related services, AMS caters to the emerging automation needs of customers. The acquisition is in sync with AIT’s solutions-centric strategy.
The addition of AMS expands Applied Industrial’s footprint in the upper Northeast region of the United States while helping in bolstering relationships with leading suppliers. The buyout fortifies AIT’s growth capacity in several emerging applications across key industry verticals.
Applied Industrial Technologies, Inc. Price
Applied Industrial Technologies, Inc. price | Applied Industrial Technologies, Inc. Quote
Over time, Applied Industrial has been focusing on acquiring businesses to expand operations. In November 2022, the company acquired Automation, Inc., expanding its footprint across key verticals and geographies while supplementing its value-added services and cross-selling efforts. In August 2021, AIT acquired R.R. Floody, strengthening its offerings in the automation technology space and boosting its reach across the U.S. Midwest market.
Zacks Rank & Key Picks
Applied Industrial presently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks within the broader Industrial Products sector are as follows:
Deere & Company DE currently sports a Zacks Rank #1 (Strong Buy). The company pulled off a trailing four-quarter earnings surprise of 4.7%, on average. You can see the complete list of today’s Zacks #1 Rank stocks.
Deere has an estimated earnings growth rate of 31% for the current fiscal year. The stock has gained around 12% in the past six months.
Ingersoll Rand IR presently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings surprise of 8.5%, on average.
Ingersoll Rand has an estimated earnings growth rate of 7% for the current year. The stock has rallied 17.6% in the past six months.
Illinois Tool Works ITW currently carries a Zacks Rank #2 (Buy). The company pulled off a trailing four-quarter earnings surprise of 0.9%, on average.
Illinois Tool has an estimated earnings growth rate of approximately 4% in the past six months. The stock has gained 22.2% in the past six months.
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