Applied Industrial Technologies, Inc. (NYSE:AIT) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday.
AIT has been the topic of several other reports. Wells Fargo & Company reissued a “market perform” rating and issued a $63.00 target price (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. Zacks Investment Research raised Applied Industrial Technologies from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Monday, August 14th. Finally, Northcoast Research assumed coverage on Applied Industrial Technologies in a report on Tuesday, July 25th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Applied Industrial Technologies currently has a consensus rating of “Hold” and a consensus price target of $62.50.
Applied Industrial Technologies (NYSE:AIT) opened at 55.25 on Wednesday. The firm has a market cap of $2.16 billion, a price-to-earnings ratio of 16.25 and a beta of 0.95. The firm’s 50-day moving average price is $56.73 and its 200 day moving average price is $60.24. Applied Industrial Technologies has a 52-week low of $43.50 and a 52-week high of $69.00.
Applied Industrial Technologies (NYSE:AIT) last announced its earnings results on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping the consensus estimate of $0.78 by $0.56. The business had revenue of $681.47 million for the quarter, compared to the consensus estimate of $680.20 million. Applied Industrial Technologies had a return on equity of 15.89% and a net margin of 5.16%. Applied Industrial Technologies’s revenue was up 7.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.66 EPS. On average, equities research analysts forecast that Applied Industrial Technologies will post $3.10 EPS for the current year.
In other news, VP Mark O. Eisele sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $56.92, for a total value of $341,520.00. Following the transaction, the vice president now directly owns 159,029 shares of the company’s stock, valued at approximately $9,051,930.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark O. Eisele sold 8,926 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $54.42, for a total value of $485,752.92. Following the completion of the transaction, the vice president now directly owns 135,029 shares in the company, valued at $7,348,278.18. The disclosure for this sale can be found here. Insiders sold a total of 56,632 shares of company stock worth $3,127,682 over the last three months. 4.40% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in AIT. Neuburgh Advisers LLC increased its position in shares of Applied Industrial Technologies by 6.2% in the first quarter. Neuburgh Advisers LLC now owns 1,892 shares of the industrial products company’s stock valued at $117,000 after buying an additional 110 shares during the last quarter. Tyers Asset Management LLC boosted its position in Applied Industrial Technologies by 6.2% in the first quarter. Tyers Asset Management LLC now owns 2,408 shares of the industrial products company’s stock valued at $149,000 after buying an additional 140 shares during the period. Envestnet Asset Management Inc. boosted its position in Applied Industrial Technologies by 2.4% in the first quarter. Envestnet Asset Management Inc. now owns 2,741 shares of the industrial products company’s stock valued at $170,000 after buying an additional 64 shares during the period. Flinton Capital Management LLC boosted its position in Applied Industrial Technologies by 6.2% in the first quarter. Flinton Capital Management LLC now owns 2,924 shares of the industrial products company’s stock valued at $181,000 after buying an additional 170 shares during the period. Finally, Ameritas Investment Partners Inc. bought a new position in Applied Industrial Technologies during the first quarter valued at $194,000. 87.61% of the stock is currently owned by institutional investors and hedge funds.
Applied Industrial Technologies Company Profile
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.
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