Applied Industrial Technologies, Inc. (NYSE:AIT) Raised to Buy at Zacks Investment Research
Applied Industrial Technologies, Inc. (NYSE:AIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $61.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 10.01% from the company’s previous close.
According to Zacks, “Over the last 12 months, Applied Industrial's shares outperformed the industry. The company reported better-than-expected fourth-quarter fiscal 2017 results. Quarterly adjusted earnings of 79 cents per share surpassed the Zacks Consensus Estimate by a penny. In addition, net sales in the reported quarter handily beat the Zacks Consensus Estimate by 3.4%. The company believes that robust upstream business, sturdy performance of the U.S. fluid power business, and superior customer servicing skills will likely bolster its top-line performance in the quarters ahead. Moreover, sound restructuring moves, greater productivity and increased cost discipline are projected to strengthen the company's near-term bottom-line performances. Notably, the company remains committed towards its shareholders.”
A number of other analysts have also recently commented on the company. BidaskClub cut Applied Industrial Technologies from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 1st. Northcoast Research began coverage on shares of Applied Industrial Technologies in a report on Tuesday, July 25th. They issued a “neutral” rating for the company. Finally, Wells Fargo & Company restated a “market perform” rating and issued a $63.00 price objective (down from $67.00) on shares of Applied Industrial Technologies in a report on Wednesday, July 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. Applied Industrial Technologies has an average rating of “Hold” and a consensus price target of $62.00.
Shares of Applied Industrial Technologies (AIT) traded up 1.08% during mid-day trading on Monday, hitting $56.05. The stock had a trading volume of 36,046 shares. Applied Industrial Technologies has a 52-week low of $43.50 and a 52-week high of $69.00. The firm has a market cap of $2.19 billion, a PE ratio of 20.58 and a beta of 0.95. The stock’s 50-day moving average price is $57.53 and its 200-day moving average price is $60.68.
Applied Industrial Technologies (NYSE:AIT) last issued its quarterly earnings results on Friday, August 11th. The industrial products company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.56. Applied Industrial Technologies had a return on equity of 15.70% and a net margin of 4.20%. The firm had revenue of $681.47 million for the quarter, compared to analysts’ expectations of $680.20 million. During the same period in the previous year, the firm posted $0.66 EPS. The business’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, analysts anticipate that Applied Industrial Technologies will post $3.07 earnings per share for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in AIT. Voya Investment Management LLC raised its position in shares of Applied Industrial Technologies by 9.3% in the second quarter. Voya Investment Management LLC now owns 17,231 shares of the industrial products company’s stock worth $1,017,000 after buying an additional 1,469 shares during the last quarter. OxFORD Asset Management LLP raised its position in shares of Applied Industrial Technologies by 621.1% in the second quarter. OxFORD Asset Management LLP now owns 37,380 shares of the industrial products company’s stock worth $2,207,000 after buying an additional 32,196 shares during the last quarter. Citadel Advisors LLC raised its position in shares of Applied Industrial Technologies by 26.8% in the second quarter. Citadel Advisors LLC now owns 66,742 shares of the industrial products company’s stock worth $3,941,000 after buying an additional 14,117 shares during the last quarter. Ramsey Quantitative Systems purchased a new position in shares of Applied Industrial Technologies during the second quarter worth $292,000. Finally, Parametric Portfolio Associates LLC raised its position in shares of Applied Industrial Technologies by 7.2% in the second quarter. Parametric Portfolio Associates LLC now owns 103,902 shares of the industrial products company’s stock worth $6,135,000 after buying an additional 6,966 shares during the last quarter. Institutional investors own 87.61% of the company’s stock.
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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