Applied Industrial Technologies Inc. (NYSE:AIT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Applied Industrial Technologies is one of North America’s leading distributors of bearings, linear technologies, power transmission components, rubber products, specialty maintenance items and electrical/mechanical and fluid power products and systems to the MRO (maintenance and repair operations) and OEM (original equipment manufacturer) markets. The company offers products to a broad cross-section of U.S. industries. “

Separately, Wells Fargo & Co. reiterated a “hold” rating on shares of Applied Industrial Technologies in a research report on Sunday, September 4th.

Applied Industrial Technologies (NYSE:AIT) traded down 0.15% during mid-day trading on Friday, reaching $45.48. 112,090 shares of the company were exchanged. Applied Industrial Technologies has a one year low of $35.55 and a one year high of $48.61. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 60.64 and a beta of 1.13. The stock has a 50 day moving average of $46.79 and a 200-day moving average of $45.72.

Applied Industrial Technologies (NYSE:AIT) last released its earnings results on Friday, August 12th. The company reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. Applied Industrial Technologies had a return on equity of 14.56% and a net margin of 1.17%. The company had revenue of $63 million for the quarter, compared to the consensus estimate of $643.13 million. During the same quarter last year, the business posted $0.70 EPS. Applied Industrial Technologies’s quarterly revenue was down 6.4% compared to the same quarter last year. On average, equities analysts expect that Applied Industrial Technologies will post $2.52 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. HBK Investments L P bought a new position in Applied Industrial Technologies during the first quarter valued at $748,000. Wellington Management Group LLP raised its position in Applied Industrial Technologies by 59.6% in the first quarter. Wellington Management Group LLP now owns 1,257,445 shares of the company’s stock valued at $54,573,000 after buying an additional 469,779 shares during the period. Goldman Sachs Group Inc. raised its position in Applied Industrial Technologies by 241.6% in the first quarter. Goldman Sachs Group Inc. now owns 126,189 shares of the company’s stock valued at $5,476,000 after buying an additional 89,246 shares during the period. Zebra Capital Management LLC raised its position in Applied Industrial Technologies by 5.2% in the first quarter. Zebra Capital Management LLC now owns 14,742 shares of the company’s stock valued at $640,000 after buying an additional 734 shares during the period. Finally, Menta Capital LLC bought a new position in Applied Industrial Technologies during the first quarter valued at $267,000. 89.35% of the stock is owned by hedge funds and other institutional investors.

Applied Industrial Technologies Company Profile

Applied Industrial Technologies Inc is a distributor and supplier of industrial products. The Company’s industry products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and other industrial and maintenance supplies.

5 Day Chart for NYSE:AIT

Receive News & Stock Ratings for Applied Industrial Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Applied Industrial Technologies Inc. and related stocks with our FREE daily email newsletter.