Applied Industrial Technologies, Inc. AIT yesterday announced that it acquired Norwood, MA-based Gibson Engineering Company, Inc. Financial terms of the acquisition have been kept under wraps.It is worth mentioning here that Applied Industrial’s shares gained 2.4% yesterday, ending the trading session at $78.34.Gibson specializes in providing engineered solutions, automation products and other services globally. The products and services offered are related to robotic solutions, motion control, intelligent sensors, machine vision and others.Inside the HeadlinesAs noted, the Gibson buyout is anticipated to solidify Applied Industrial’s offerings in the automation technology space. Also, the buyout will boost the company’s reach in mid-Atlantic and northeast U.S. markets.Further, Gibson’s solid customer base in multiple end markets, including plastics, life sciences, industrial, medical and electronics, will be a boon for Applied Industrial. Its innovative capabilities and efficient management team are added advantages.Applied Industrial’s Buyout ActivitiesAcquiring businesses is an effective way for Applied Industrial to gain access to new markets, expand its product line and enhance customer base. In first-quarter fiscal 2021 (ended September 2020), buyouts boosted the company’s sales by 1.1%.In second-quarter fiscal 2021 (ended December 2020, results awaited), Applied Industrial acquired Advanced Control Solutions. Since acquired in October, the buyout helped strengthen and expand the company’s range of automation solutions across various end markets.Zacks Rank, Estimate Trend and Price PerformanceWith a $3-BILLION market capitalization, Applied Industrial currently carries a Zacks Rank #2 (Buy). It is poised to benefit from its solid product offerings, acquired assets, value-added services and cost-reduction measures.In the past three months, the company’s shares have gained 33% as compared with the industry’s growth of 12.1%. Meanwhile, the Zacks Consensus Estimate for its earnings is pegged at $3.44 for fiscal 2021 (ending June 2021) and $4.00 for fiscal 2022 (ending June 2022), reflecting no change and growth of 1.8% from the respective 60-day-ago figures. Also, the consensus estimate for the second quarter of fiscal 2021 is stable at 72 cents.Applied Industrial Technologies, Inc. Price and Consensus Applied Industrial Technologies, Inc. price-consensus-chart | Applied Industrial Technologies, Inc. QuoteOther Stocks to ConsiderSome other top-ranked stocks in the industry are Helios Technologies, Inc. HLIO, Kaman Corporation KAMN and Dover Corporation DOV. While both Helios and Kaman sport a Zacks Rank #1 (Strong Buy), Dover carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.In the past 60 days, earnings estimates for these companies improved for the current year. Also, its earnings surprise for the last reported quarter was 26.19% for Helios, 70.73% for Kaman and 22.14% for Dover.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better. See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Dover Corporation (DOV): Free Stock Analysis Report Kaman Corporation (KAMN): Free Stock Analysis Report Helios Technologies, Inc (HLIO): Free Stock Analysis Report To read this article on Zacks.com click here.