ValuEngine downgraded shares of Applied Industrial Technologies, Inc. (NYSE:AIT) from a buy rating to a hold rating in a research note published on Tuesday.
A number of other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Applied Industrial Technologies from a buy rating to a hold rating in a research note on Wednesday, August 30th. Northcoast Research started coverage on shares of Applied Industrial Technologies in a research report on Tuesday, July 25th. They set a neutral rating for the company. Finally, BidaskClub cut shares of Applied Industrial Technologies from a sell rating to a strong sell rating in a research report on Wednesday, August 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Applied Industrial Technologies presently has an average rating of Hold and an average price target of $66.00.
Shares of Applied Industrial Technologies (NYSE AIT) traded down $0.55 during trading on Tuesday, hitting $60.55. 89,100 shares of the stock were exchanged, compared to its average volume of 192,221. Applied Industrial Technologies has a 12 month low of $54.00 and a 12 month high of $70.05. The stock has a market cap of $2,371.61, a PE ratio of 20.37, a price-to-earnings-growth ratio of 1.60 and a beta of 0.94. The company has a quick ratio of 1.83, a current ratio of 3.13 and a debt-to-equity ratio of 0.37.
Applied Industrial Technologies (NYSE:AIT) last announced its quarterly earnings data on Wednesday, October 25th. The industrial products company reported $0.86 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.10. Applied Industrial Technologies had a net margin of 5.29% and a return on equity of 16.25%. The company had revenue of $680.70 million during the quarter, compared to analysts’ expectations of $668.18 million. During the same quarter in the prior year, the company earned $0.70 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. analysts predict that Applied Industrial Technologies will post 3.19 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Wednesday, November 15th will be given a dividend of $0.29 per share. The ex-dividend date is Tuesday, November 14th. This represents a $1.16 annualized dividend and a yield of 1.92%. Applied Industrial Technologies’s payout ratio is currently 32.58%.
In other Applied Industrial Technologies news, VP Mark O. Eisele sold 6,000 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $54.69, for a total transaction of $328,140.00. Following the completion of the sale, the vice president now owns 123,029 shares of the company’s stock, valued at approximately $6,728,456.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark O. Eisele sold 8,926 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $54.55, for a total transaction of $486,913.30. Following the sale, the vice president now directly owns 141,029 shares of the company’s stock, valued at approximately $7,693,131.95. The disclosure for this sale can be found here. Insiders have sold a total of 61,571 shares of company stock valued at $3,392,661 in the last three months. 3.70% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of AIT. Riverhead Capital Management LLC raised its holdings in Applied Industrial Technologies by 57.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 3,298 shares of the industrial products company’s stock worth $195,000 after purchasing an additional 1,198 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Applied Industrial Technologies by 7.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,363 shares of the industrial products company’s stock worth $199,000 after purchasing an additional 226 shares in the last quarter. Paradigm Asset Management Co. LLC increased its stake in shares of Applied Industrial Technologies by 59.1% in the 2nd quarter. Paradigm Asset Management Co. LLC now owns 3,500 shares of the industrial products company’s stock worth $207,000 after acquiring an additional 1,300 shares in the last quarter. Hartford Investment Management Co. bought a new position in shares of Applied Industrial Technologies in the 3rd quarter worth about $207,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Applied Industrial Technologies in the 2nd quarter worth about $211,000. Institutional investors and hedge funds own 88.01% of the company’s stock.
About Applied Industrial Technologies
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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