Applied Industrial Technologies (NYSE:AIT) Cut to Hold at StockNews.com

StockNews.com cut shares of Applied Industrial Technologies (NYSE:AIT) from a buy rating to a hold rating in a research report report published on Thursday.

Several other research firms have also weighed in on AIT. Raymond James lifted their target price on shares of Applied Industrial Technologies from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Loop Capital lifted their price target on shares of Applied Industrial Technologies from $230.00 to $270.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Oppenheimer upped their price objective on Applied Industrial Technologies from $260.00 to $305.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Mizuho began coverage on shares of Applied Industrial Technologies in a report on Tuesday, October 22nd. They issued an “outperform” rating and a $285.00 price target for the company. Finally, KeyCorp upped their price objective on Applied Industrial Technologies from $275.00 to $325.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $285.71.

Applied Industrial Technologies Stock Performance

Applied Industrial Technologies stock opened at $260.36 on Thursday. The firm has a market capitalization of $10.01 billion, a P/E ratio of 26.57, a PEG ratio of 3.59 and a beta of 1.08. Applied Industrial Technologies has a 52 week low of $173.73 and a 52 week high of $282.98. The company has a current ratio of 3.78, a quick ratio of 2.74 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average price of $258.34 and a 200 day moving average price of $231.65.

Applied Industrial Technologies (NYSE:AIT) last issued its earnings results on Thursday, October 24th. The industrial products company reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.11. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Applied Industrial Technologies had a return on equity of 22.68% and a net margin of 8.57%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.39 earnings per share. Equities research analysts anticipate that Applied Industrial Technologies will post 9.77 earnings per share for the current year.

Insider Buying and Selling at Applied Industrial Technologies

In related news, VP Warren E. Hoffner III sold 4,000 shares of Applied Industrial Technologies stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $281.64, for a total transaction of $1,126,560.00. Following the completion of the sale, the vice president now owns 55,709 shares of the company’s stock, valued at approximately $15,689,882.76. This trade represents a 6.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Dean Hall sold 2,200 shares of the stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $275.08, for a total value of $605,176.00. Following the completion of the transaction, the director now owns 3,462 shares in the company, valued at $952,326.96. This represents a 38.86 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.67% of the company’s stock.

Institutional Trading of Applied Industrial Technologies

Several large investors have recently modified their holdings of AIT. V Square Quantitative Management LLC acquired a new position in shares of Applied Industrial Technologies during the third quarter worth approximately $34,000. First Horizon Advisors Inc. lifted its holdings in shares of Applied Industrial Technologies by 106.0% during the third quarter. First Horizon Advisors Inc. now owns 171 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 88 shares during the period. Quarry LP acquired a new position in Applied Industrial Technologies in the second quarter valued at about $39,000. UMB Bank n.a. boosted its holdings in shares of Applied Industrial Technologies by 68.1% in the 3rd quarter. UMB Bank n.a. now owns 190 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 77 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Applied Industrial Technologies by 42.6% during the second quarter. EverSource Wealth Advisors LLC now owns 435 shares of the industrial products company’s stock worth $84,000 after purchasing an additional 130 shares during the last quarter. 93.52% of the stock is owned by institutional investors.

About Applied Industrial Technologies

Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore. It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment.